Johannesburg - Consumer goods firm Tiger
Brands [JSE:TBS] posted a modest rise in first-half earnings on Tuesday, helped by
growth in its exports and international businesses as the domestic market
remains subdued.
The maker of bread, breakfast cereal and energy drinks said
diluted headline earnings per share for the six months to end of March rose 4% to 766 cents.
The company said revenue rose 12% to R11.6bn.
Tiger Brands said it expects domestic consumer spending to
remain under pressure for the rest of the financial year. It said expansion
into new markets, mainly in Africa, remains its key strategic thrust.
Tiger Brands, which has been ramping up its expansion in
fast-growing African markets, last year increased its footprint outside South
Africa with acquisitions in Nigeria and Ethiopia.
The company said earlier this month that it was in talks
with Dangote Industries over the Nigerian conglomerate’s stake in its flour
milling unit.
The company declared an interim dividend of 295c per share,
a 5% increase from the interim period last year.
Tiger Brands shares have gained 6.5% so far this year,
compared with a 2.4% rise in the blue-chip Top 40 - (Tradeable) [JSE:J200]
index.