{"id":10715,"date":"2021-05-20T15:55:55","date_gmt":"2021-05-20T15:55:55","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=10715"},"modified":"2021-05-20T15:05:09","modified_gmt":"2021-05-20T15:05:09","slug":"hard-times-stand-rfg-holdings-well-with-high-interim-expectation","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/hard-times-stand-rfg-holdings-well-with-high-interim-expectation","title":{"rendered":"Hard times stand RFG Holdings well with high interim expectation"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>DURBAN – RFG HOLDINGS \u2013 which owns brands such as Rhodes, Bull Brand, Magpie, Squish, Bisto, Hinds and Pakco \u2013 yesterday produced a resilient performance in the six months to end March, reporting a double-digit growth in earnings despite the impact of Covid-19 on its operations.<\/p>\n

The food producer reported a 46.4 percent increase in headline earnings to R119 million and headline earnings per share was up by 46.2 percent to 45.6 cents a share.<\/p>\n

Chief executive Bruce Henderson said the group delivered a pleasing operating performance with continued strong cash flows in the constrained consumer environment.<\/p>\n

\u201cWhile the results were impacted by lower sales in key categories and once-off costs, the group benefited from net foreign exchange gains of R19.6m,\u201d he said.<\/p>\n

RFG reported a 14.9 percent increase in operating profit to R185m, while revenue declined by 3.4 percent to R2.8 billion, due to the impact of the Covid-19 restrictions on fruit juice and pies, two of the group\u2019s largest product categories.<\/p>\n

The group said turnover was also impacted by slower international sales owing to shipping and logistics challenges.<\/p>\n

\u201cTurnover in the regional segment, which includes South Africa and the rest of Africa, was 1.7 percent lower, reflecting the impact of the additional Covid-19 restrictions imposed during the second wave of the pandemic over the festive season,\u201d the group said.<\/p>\n

However, sales into the rest of Africa grew by 11.1 percent, driven mainly by the dry foods and canned meat categories while international turnover declined by 12.6 percent, mainly due to global logistics challenges and congestion at the Cape Town harbour, which had a significantly adverse impact on exports in March.<\/p>\n

Its fresh foods sales declined by 3.6 percent as the pie and bakery categories were adversely impacted by the reduced travel during the festive season.<\/p>\n

RFG also completed the centralisation of its pies and pastries business, formerly known as Ma Baker, and was integrated into the Gauteng pie and bakery facilities during the period.<\/p>\n

Its cash from generations increased by 29 percent to R178m and the group reduced its net debt by R101m to R1.26bn at the end of the period.<\/p>\n

RFG had set aside R250m as capital expenditure for the full financial year, which would be used for the installation of an additional production line and a new warehouse at the fruit juice factory in Wellington as well as the upgrade of the bakery facility in Gauteng to accommodate the integration of the KZN pies and pastries operation.<\/p>\n

Looking ahead, Henderson said the rising Covid-19 infection rate in the country, together with the slow pace of the vaccination roll-out programme, increased the potential for a third wave of infections in the weeks and months ahead.<\/p>\n

\u201cThis heightens the risk of the country reverting to lockdown restrictions which could adversely impact the group\u2019s sales and profitability,\u201d Henderson said.<\/p>\n

He said while the consumer spending environment was expected to remain subdued in the short to medium term they have seen a steady recovery in fruit juice and pie sales in the past few months.<\/p>\n

RFG shares closed 0.65 percent lower at R13.76 on the JSE yesterday.<\/p>\n

[email protected]<\/p>\n

BUSINESS REPORT<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. DURBAN – RFG HOLDINGS \u2013 which owns brands such as Rhodes, Bull Brand, Magpie, Squish, Bisto, Hinds and Pakco \u2013 yesterday produced a resilient performance in the six months to end March, reporting a double-digit growth in earnings despite the impact of Covid-19 on its operations. The food producer reported a 46.4 […]<\/p>\n","protected":false},"author":84,"featured_media":10714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-10715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nHard times stand RFG Holdings well with high interim expectation - South Africa<\/title>\n<meta name=\"description\" content=\"DURBAN - RFG HOLDINGS \u2013 which owns brands such as Rhodes, Bull Brand, Magpie, Squish, Bisto, Hinds and Pakco \u2013 yesterday ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/hard-times-stand-rfg-holdings-well-with-high-interim-expectation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hard times stand RFG Holdings well with high interim expectation\" \/>\n<meta property=\"og:description\" content=\"DURBAN - 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