JOHANNESBURG: Pioneer Foods, the owners of food brands such as Sasko bread, White Star maize meal and Spekko rice, lifted revenue on continuing operations by 8 percent to R9.5 billion and headline earnings by 40 percent to R830 million for the six months to March this year.
Headline earnings per share, adjusted for payments related the group’s BEE deal, were up 39 percent at 451 cents, but at a group level, which includes international operations such as those in Nigeria, headline earnings per share were down 10 percent at 341 cents.
The group said in a statement that the results reflect its twin strategy of strengthening brands and expanding margins. It also noted what it calls solid contribution from the international business, which increased its revenue by 10 percent to R1.2 billion.
