Tiger Brands reports 'robust' performance for the four months to Jan 31
Packaged goods company Tiger Brands delivered a "robust" performance for the four months to January 31, with year-on-year increases in revenue from continuing operations and operating profit from continuing operations.
The company says its financial performance for the four months under review was driven by its resilient brands and continued focus on price competitiveness.
Group revenue for the period from continuing operations increased by 1% year-on-year, driven by volume growth of 2%, but offset by price deflation of 1%.
"The consumer environment remains competitive, as households continue to face pressure on essential costs, impacting disposable income. Domestic inflation for food and non-alcoholic beverages in January was 4.4% for a third consecutive month, with the bread and cereals category recording 0.6% inflation.
"Tiger Brands continues to respond to food inflation via diligent price point management to ensure affordability of its products and reduce consumer pressure," the company notes in a February 26 trading update to shareholders.
Further, in terms of the company's portfolio optimisation, the sale of its Randfontein milling business has been concluded, while the finalisation of the sale of its Chocolaterie Confiserie Camerounaise subsidiary, in Cameroon, remains on track.
Tiger Brands will publish its financial results for the six months to March 31, on or about June 1.
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