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RCL Foods sees no benefit of low oil prices

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Eskom is being forced to implement rolling black outs amid an electricity crisis. (Shutterstock)
Eskom is being forced to implement rolling black outs amid an electricity crisis. (Shutterstock)

Johannesburg - RCL Foods [JSE:RCL], said the country’s frequent power cuts, a weakening currency and rising labour expenses will negate any benefits of lower oil prices on food-production costs.

RCL, which supplies about one-third of the sugar consumed in South Africa, is facing constant demands for wage increases accompanied by strikes, chief executive officer Miles Dally said by phone on Wednesday.

The company employs about 20 000, he said. Rolling blackouts are hurting its chicken unit and a weaker rand increases the cost of importing soy, Dally said.

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