Despite reporting an 11% jump in headline earnings per share from total operations and a 9% increase in its interim dividend for the half-year ended 31 March 2024 on Monday, Tiger Brands had a tough first half with revenue from continuing operations decreasing 1% to R19.2 billion and group operating income decreasing 3% to R1.3 billion.
It noted that the decrease in group operating income was “before impairments, fair value losses and non-operational items”. “Consumers remain constrained and continue to rationalise spend, prioritising value offerings and staple categories, which adversely impacts absolute volumes and basket mix,” it added.
“Since Tjaart Kruger’s appointment as CEO on 1 November 2023, the group has now finalised the appointment of the new leadership team.” ADVERTISEMENT CONTINUE READING BELOW “Thushen Govender assumed the role of CFO on 1 January 2024 followed by the appointment of managing directors from within the organisation for each of the six business units on 1 February 2024.