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South Africa's Tiger Brands H1 profit rises over 6 pct
May 25, 2017 / 6:03 AM / 7 months ago

South Africa's Tiger Brands H1 profit rises over 6 pct

JOHANNESBURG, May 25 (Reuters) - South African consumer goods maker Tiger Brands said on Thursday half-year earnings rose 6.3 percent, buoyed by the grains division in its home market, but flagged a slowdown in the second half.

Headline earnings per share (EPS) came in at 1,036 cents for the six months to end-March from 974.6 cents a year ago, South Africa’s biggest consumer foods maker said in a statement.

The company, which makes bread, breakfast cereals and energy drinks, said sales in its domestic business increased by 8 percent to 14.3 billion rand ($1.11 billion), driven primarily by its grains division.

Tiger Brands, which sold the bulk of its Nigerian business to Dangote Flour Mills last year, has also pulled back from East Africa as it conducts a strategic review of its operations.

“The outlook for the balance of the year is particularly challenging, with volumes in the domestic market having significantly slowed in the second quarter, while a recovery on the balance of the continent is not imminent,” the company said in a statement.

$1 = 12.8719 rand Reporting by TJ Strydom; Editing by Biju Dwarakanath

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