South African food manufacturer RCL Foods has opted not to declare its interim dividend for the six months period to December 2022 as record levels of load shedding and high commodity input costs place the group’s volumes and margins under pressure. The JSE-listed group which produces well-known food brands including Rainbow Chicken, Selati sugar, Sunbake bread and Nola mayonnaise, informed investors of its performance via Sens on Monday. The group reported a 22.
According to the group, increased levels of load shedding have cost the business R22 million in direct operating costs, while the indirect costs continue to climb. Placing further pressure on operations is a slump in consumer demand brought on by higher inflation, rising interest rates and SA’s high unemployment rate. AVI posted a 0.6% rise in headline earnings per share to 318.9 cents.
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