JOHANNESBURG - Tiger Brands, South Africa's biggest food producer, has reported double-digit growth in revenue, due to the higher prices of its goods.
In its latest interim results, the maker of Jungle Oats, Albany bread and Tastic rice, says it has been forced to pass on escalating input costs to customers.
Despite this, Tiger Brands still saw the pressure on its volumes, which dropped by 1 percent, and profit margins, which saw headline earnings increase marginally.
The higher selling price inflation of 17 percent increased revenue by 16 percent, to just over R19 billion.
Like many other businesses in South Africa, it is also dealt with escalating power-cut costs and lower consumer confidence.
The company spent a total of R76 million in the six months.
Tiger Brands, South Africa's biggest food producer, has reported double-digit growth in revenue due to the higher prices of its goods. #eNCA #DStv403 #QuestionThinkAct pic.twitter.com/0Ly6Ew1yt7
— eNCA (@eNCA) May 30, 2023