Clover H1 profit jumps
Business Day - Mar 16th 2011, 16:55
South African dairy foods maker Clover said on Monday headline earnings per share for the six months to end-December soared to 73.2 cents from 0.9 cents a year earlier
Operating profit grew 43% to R176 million, the company said on Monday.
Revenue increased 10,8% to R3,023bn, followed by a 693% jump in headline earnings from continuing operations to R94 million.
"The impact of our various initiatives to save costs and improve efficiencies across the group, combined with lower input costs and market share gains, have resulted in a solid financial performance during the period," Johann Vorster, Clover's Chief Executive Officer, said in a statement.
"Operationally, we continue to gain market share from our competitors, especially in our beverage business which showed solid volume growth of 12,4%. Benefits unlocked through increased efficiencies across our supply chain were passed on to customers as part of Project Reset, which is aimed at ensuring an appropriate price premium for Clover's products relative to its competitors," he added.
"Looking ahead, whilst the extent of the economic recovery remains unclear and the cyclicality inherent to our business results in a typically weaker second half, we expect to deliver a positive performance for the full year," Vorster said.
The company declared an interim dividend of 10 cents per ordinary share.
Clover, Milco merger puts 657 jobs on the line
17/09/2019 - 10:05
A total of 657 existing jobs will be on the line at Clover Industries in the next two years if the R4.8 billion merger between the JSE-listed dairy company and Israel-based Milco is approved by the Competition Tribunal.
Clover's R4.7bn deal gets Competition Commission nod
22/07/2019 - 10:12
The Competition Commission has approved, with conditions, the R4.8bn sale of branded foods and beverages group Clover Industries to a consortium led by Tel Aviv-based Central Bottling Company, Clover said on Friday.
Clover set to return to profit in year to June
13/05/2019 - 10:15
Clover, which makes dairy-based foods and beverages, says it will return to profit in the year ending June 2019 after making its first annual loss in more than a decade in the prior year.
SA dairy exports doing well
16/04/2019 - 15:42
Dairy imports for February were 4 110 tons at a cost of R172 million. South Africa imported mainly from France (28%) New Zealand (28%), Germany (13%), Poland (8%) and Ireland (4%). Dairy imports for this year are low compared to last year, largely due to limited UHT imports. The main dairy products imported in February were whey (34%), milk powder (22%) and cheese (18%). UHT as a percentage of total imports was less than 1%.
Brimstone confirms exit from Clover deal
12/04/2019 - 10:01
Brimstone Investments confirmed that it will not be participating in a consortium seeking to acquire SA’s biggest dairy producer Clover, but had agreed on a plan to facilitate its exit.