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Harare - Pricing pressures and falling volumes saw National Foods Holdings, 37.45% owned by Tiger Brands, report an 8% decline in revenue to US $314.4m for the year ended June 30 2015.
Profit for the year was down 24.1% to $12.7m from $16.7m prior year comparative. Earnings per share amounted to 18.62 US cents from US 24.54c prior year comparative.
Commenting on the results, management said a devaluing rand and the entry of several new players heightened competitive pressures.
Performance was further weighed down by the continued decline in disposable incomes in the face of reducing formal employment.
The results were also “heavily influenced by the poor performance of the maize division, where volumes declined 39.3% against (the) previous financial year as a result of a significantly improved 2013/14 local maize harvest.”
National Foods declared a final dividend of 4.65 cents per share, bringing the total dividend per share to US 7.76c.
National Foods is Zimbabwe’s largest manufacturer and marketer of food products.
Profit for the year was down 24.1% to $12.7m from $16.7m prior year comparative. Earnings per share amounted to 18.62 US cents from US 24.54c prior year comparative.
Commenting on the results, management said a devaluing rand and the entry of several new players heightened competitive pressures.
Performance was further weighed down by the continued decline in disposable incomes in the face of reducing formal employment.
The results were also “heavily influenced by the poor performance of the maize division, where volumes declined 39.3% against (the) previous financial year as a result of a significantly improved 2013/14 local maize harvest.”
National Foods declared a final dividend of 4.65 cents per share, bringing the total dividend per share to US 7.76c.
National Foods is Zimbabwe’s largest manufacturer and marketer of food products.
