Product memory, KZN strife triumph Tiger Brands profit

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Tiger Brands’ annual performance was hampered by a recall of its canned veggies and the July unrest.

Tiger Brands recalled 20 million KOO and Hugo canned vegetable products in July, when instability in KwaZulu-Natal and Gauteng resulted in theft and the damage of stores and facilities.

Tiger Brands reported R732 million in one-time costs for the recall and disruption in its results for the fiscal year ended 30 September 2021 on Friday.

Tiger Brand’s revenue climbed by 4% year on year to R31 billion, while its headline earnings per share declined by 6% to 1 127 cents per share.

For the fiscal year, the business announced a final ordinary dividend of 506 cents per share and an interim ordinary dividend of 320 cents per share. The company also owns the brands Black Cat, Jungle, and Mrs Balls.

Story by : Norvisi Mawunyegah