Tiger Brands lifts earnings
Fin24 - Nov 23rd 2011, 08:27
Johannesburg - South African consumer goods firm Tiger Brands [JSE:TBS] posted a 13% increase in full-year earnings on Wednesday, helped by higher sales but said it anticipates a tough trading environment ahead.
The maker of bread, breakfast cereal and energy drinks said headline earnings per share for the year to the end of September totalled 1 575 cents from 1 393c last year.
Revenue rose 5.8% to R20.4bn.
The company said its expected trading conditions to be difficult in 2012 as unemployment and limited disposable incomes continue to negatively affect consumer spending.
Tiger Brands has been keen to ramp up its expansion in fast-growing African markets to offset slack demand at home.
It recently increased its footprint outside South Africa with acquisitions in Nigeria and Ethiopia.
“We will continue to selectively seek value enhancing opportunities to expand our geographic footprint,” it said.
The company declared a final ordinary dividend of 510c per share, bringing the total dividend for the year to 791c per share, compared with 746c the previous year.
Tiger Brands shares have gained 16% so far this year, compared with a 2.3% fall in JSE’s All Share [JSE:J203] Index.
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