🥖🥗Tiger Brands buckles under power crisis recording R76 million spent on load shedding costs. TigerBrands TheCitizenBusiness Read more⬇️
expenses in the six months ended 31 March 2023 compared to the comparable 2022 period.
Further, the firm has noted an incremental energy cost of R48 million, which has resulted in a gross margin decline to 27% from 29.2% in the last period.Group operating income also slid by 9% to R1.4 billion, coming off a higher base in the last period which was primarily supported by higher insurance proceeds of R161 million. Insurance proceeds for this period came in at only R20 million.
“We will also continue to balance short-term impact with long-term growth and make considered investments for the future in our facilities, our brands, our innovation capability and our people to ensure we deliver sustainable long-term returns and build societal value.”Investors seemed less than pleased with the group’s half-year performance as the stock registered a 12.72% decline in value during early morning trade on Tuesday, leaving the stock at a 2.19% six months low of R165.40.
“Volumes held steady in the Domestic Business, driven by a strong volume recovery in Bakeries, Snacks & Treats and Personal Care and good performances in Sorghum Breakfast, Rice, Beverages, and Out of Home,” Tiger Brands said.
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