Poultry producer Astral Foods expects its full-year headline earnings per share (HEPS) to rise as much as 250%.
The group said in a trading statement on Wednesday that HEPS for the year to end-September will be 240%-250% higher at between R18.53 and R19.85, after a loss of R13.24 per share a year ago.
Earnings per share (EPS) are expected to rise by a similar margin.
No reasons were given for the expected increase, but at the halfway stage, the group reported higher sales volumes and improved sales from its poultry division.
The company will publish its results on November 18.
The Financial Mail reported in September that Astral Foods would be able to scale production. Load-shedding, which weighed on its 2023 financial year, has abated. A return to positive growth and the resumption of dividends were on the cards for this year, it said.
In August, Astral said Chris Schutte would retire as CEO and executive director of poultry producer Astral Foods with effect from the company’s next AGM at the end of January 2025.
Astral said Schutte had requested retirement. In terms of the group’s human resources policy, the retirement age of executive directors is 65, and Schutte’s mandatory retirement would occur in 2025.
The board considered and accepted this personal request, Astral said. A formal replacement process has started.
Schutte has agreed to consult to Astral in a strategic role for a year from February 2025.
After the worst financial period in the group’s history for the year to end-September 2023, Astral was now in a solid and healthy financial position. This was due to a focused turnaround strategy it had implemented in the 2024 financial year, the group said.
For the six months to end-March headline earnings rose 441% due to higher sales volumes and improved sales from its poultry division.
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