Tiger Brands sees a 20% recovery in six-month profit

South Africa’s biggest food producer Tiger Brands said on Wednesday it expected headline earnings from continuing operations in the six months to March 31 to rise as much as 20%, a bounce back after a decline reported in its full-year results.

The owner of popular brands Jungle Oats and Tastic rice said headline earnings per share (HEPS), the main profit measure in South Africa, is expected to be between 10% and 20% higher in the period, the firm’s first half, compared with 611 cents reported in the same period last year.

Including its now sold value-added meat products business, HEPS is seen rising as much as 45%.