Remgro-controlled RCL expects earnings lift from groceries and soon-to-be unbundled Rainbow Chicken

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Rainbow News

Poultry Industry

Remgro-controlled RCL expects earnings lift from groceries and soon-to-be unbundled Rainbow Chicken

RCL Foods, which is controlled by Johann Rupert’s Remgro, expects full-year headline earnings per share to rise at least 75% thanks to strong performances from the soon-to-be unbundled Rainbow Chicken business and its groceries division.

The owner of such brands as Yum Yum peanut butter, Selati Sugar and Feline Cuisine cat food said in an update on Monday that it was expecting headline earnings per share from total operations for the year ended June 2024 to be least 51.2c higher than the 68.3c reported last year. Earnings per share from total operations were expected to be at least 125% higher than the 69.3c per share reported last year, with RCL saying the difference from headline earnings per share largely related to the profit on the disposal of its logistics business Vector and insurance proceeds in respect of fire damage at its Komatipoort raw sugar warehouse that occurred in the 2022 financial year.South Africans need to be in the know if we want to create a prosperous future.

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