TIGER BRANDS DELIVERS ROBUST FIRST HALF PERFORMANCE WITH STRONG VOLUME GROWTH, DOUBLE-DIGIT OPERATING INCOME IMPROVEMENT, AND NOTABLE ROE IMPROVEMENT
REVENUE
H1 25: R17.7 billion
1.3%VOLUME GROWTH*
4.5%H1 25: 3.3%
GROUP OPERATING INCOME**
H1 25: R1.6 billion
26.1%GRAINS OPERATING INCOME**
H1 25: R230 million
91.7%EPS (TOTAL OPERATIONS)
H1 25: 1 336cps
19.4%EPS (CONTINUING OPERATIONS)
H1 25: 1 461cps
35.0%HEPS (TOTAL OPERATIONS)
H1 25: 940cps
6.5%HEPS (CONTINUING OPERATIONS)
H1 25: 974cps
0.6%HEPS AFTER ADJUSTING
FOR CAROZZI EQUITY-ACCOUNTED
EARNINGS IN H1 25***
H1 25 adjusted: 790cps
24.1%INTERIM DIVIDEND
H1 25: 415cps
3.6%RETURN ON EQUITY (ROE)
H1 25: 16.3%
RETURN ON INVESTED
CAPITAL (ROIC)
H1 25: 19.1%
SHARE BUYBACKS
The decrease in continuing EPS was due to prior year disposals, namely, Carozzi (both the profit on disposal and the equity accounted earnings), as well as the profit on disposal of Baby Wellbeing. The operating income growth of 26.1% delivered compelling HEPS growth despite the Carozzi equity-accounted earnings being included in the H1 25 base.
* After removing the impact of discontinued SKUs and disposed businesses.
** Before impairments, fair value losses and non-operational items.
*** HEPS (Continuing Operations) after adjusting for Carozzi equity-accounted earnings in H1 25.