Tiger Brands profit up, still on the prowl
Fin24 - May 30th 2011, 07:48
Johannesburg - Consumer goods firm Tiger Brands posted a rise in first-half earnings on Monday and said it would further increase its footprint outside South Africa after it finalised acquisitions in Nigeria and Ethiopia.
The maker of bread, breakfast cereal and energy drinks said diluted headline earnings per share for the six-months to the end of March totalled 736.5 cents from 657.1 cents a year earlier.
Headline earnings are the main profit gauge in South Africa and exclude certain one-off items.
Revenue rose to R10.450bn from R10.313bn a year earlier.
Tiger Brands said it would further increases its manufacturing and distribution footprint outside of South Africa. The South African firm has been keen to ramp up its expansion in fast-growing African markets to offset slack demand at home.
The company said late last year it had agreed to buy 49% of the food business of Nigeria's UAC. The company said on Monday the transaction was completed for a purchase consideration of R417.2m.
It also said it had completed the acquisition of Deli Foods Nigeria, an unlisted biscuit maker, for R275.8m and also formed a joint venture with Ethiopia's East African Group, which resulted in a cash injection of R112.8m.
The company also said in February it would buy unlisted beverage manufacturer Davita Trading to boost its presence in Africa.
The company said its interim dividend rose 4% to 281c per share.
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