Salient features

Tiger Brands’ full year results impacted by the unbundling of the company’s interest in Oceana Group Limited (Oceana), the challenging operating environment and a slower than anticipated recovery in the Value Added Meat Products (VAMP) business.

  • Revenue
    R29,2 billion 3%
    (Excluding VAMP+, R28,6 billion

  • Group operating income**
    R2,6 billion 20%
    (Excluding VAMP+, R3,2 billion

  • Group operating margin**
    9,0% 260bps
    (2018: 11,6%)

  • EPS
    2 364cps 55%
    (2018: 1 530cps)

  • HEPS
    1 349cps 17%
    (2018: 1 633cps)

  • Total dividend declared***
    1 061cps

  • Unbundling of
    Oceana concluded

  • Deli Foods

*   From continuing operations.
**   Before impairments and abnormal items.
***   Includes special dividend of 306cps declared on 22 May 2019.
+   Refer to Annexure A for the pro forma detail.


Tiger Brands’ results for the year ended 30 September 2019 reflect the difficult trading conditions, characterised by an increasingly challenging consumer environment and input costs rising ahead of price inflation. The overall result was significantly impacted by ongoing margin compression across the Grains portfolio, tough trading conditions in the group’s primary export markets and the slower than anticipated recovery of the VAMP business. The unbundling of the company’s investment in Oceana also had a significant impact on year-on-year comparisons. Details of the impact of VAMP and the unbundling of Oceana on key financial metrics are detailed overleaf and in Annexure A.

Shareholders are referred to the SENS announcement issued by the company on 8 November 2019 regarding the cessation of operations at Deli Foods in Nigeria. The business has been treated as a discontinued operation in these results, with the comparative information restated accordingly.

Detailed commentary