TIGER Brands reported that its first-half diluted headline earnings per share (HEPS) from continuing operations held steady at R8.37.
SA’s biggest food producer said its performance was held back by foreign exchange losses in its Nigeria-based Dangote Flour Mills and a weak performance by its Kenyan unit‚ Haco Tiger Brands.
The JSE top 40 counter said the short-term macroeconomic environment in Nigeria worsened in the review period following the sharp drop in crude oil prices, which devalued the naira.
Tiger said the weaker Nigerian currency had affected Dangote Flour, which carries short-term US dollar borrowings to fund its imported wheat purchases.
Group turnover in the six months to March was up 7 percent to R15.9bn, while attributable net profit from continuing operations lifted 122 percent to R1.3bn. The latter figures take into account last year’s impairment of R849m regarding investment in Dangote, which had thus far been a drag on the company’s performance since its acquisition in 2012.
The interim dividend per share was up 3 percent to 339c.
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