Tiger Brands ups first-half earnings
Fin24 - May 22nd 2012, 08:31
Johannesburg - South African consumer goods firm Tiger Brands [JSE:TBS] posted a modest rise in first-half earnings on Tuesday, helped by growth in its exports and international businesses as the domestic market remains subdued.
The maker of bread, breakfast cereal and energy drinks said diluted headline earnings per share for the six months to end of March rose four percent to 766 cents.
The company said revenue rose 12% to R11.6bn.
Tiger Brands said it expects domestic consumer spending to remain under pressure for the rest of the financial year. It said expansion into new markets, mainly in Africa, remained its key strategic thrust.
Tiger Brands, which has been ramping up its expansion in fast-growing African markets, last year increased its footprint outside South Africa with acquisitions in Nigeria and Ethiopia.
The company said earlier this month that it was in talks with Dangote Industries over the Nigerian conglomerate’s stake in its flour milling unit.
The company declared an interim dividend of 295c per share, a 5% increase from the interim period last year.
Tiger Brands shares have gained 6.5% so far this year, compared with a 2.4% rise in the blue-chip Top 40 - (Tradeable) [JSE:J200] index.
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