Tiger Brands ups its earnings projections

DURBAN – Tiger Brands on Monday revised its earnings guidance for the year to end September slightly higher following a better-than-anticipated operating income performance in the second half, which was supported by no disruptions to the supply chain in August and September as Covid-19 infections slowed significantly.

The South African packaged goods company said it expected earnings per share (Eps) from total operations to decline by between 72 and 75 percent, to be between 1 680 cents a share and 1 750c, down from last year’s 2 333c.

Its headline earnings per share (Heps) from total operations was expected to decline by between 27 and 30 percent, to be between 357c and 397c, down from last year’s 1 322c.

In an earlier trading update released on August 21, the group said it expected its Eps to decline by between 76 and 79 percent, while Heps was expected to decline by between 35 and 40 percent.

The group said that the improvement was a result of better performance in the second half as Covid-19 infections slowed down significantly in the country as well as sustained demand domestically, particularly in most breakfast offerings, pasta, groceries, home care and a marginal recovery in Snacks & Treats.

Source: iol.co.za