Tiger Brands has rewarded shareholders with a second special dividend of R4bn after delivering a solid full-year performance with volume growth and operating margin ahead of guidance.
The group reported a 2.7% rise in revenue to R34.4bn for the year ended September, with operating income up 35% to R3.8bn through continuous improvement initiatives, including value engineering, logistics optimisation and factory efficiencies.
HEPS from continuing operations increased 31% to 2,141c.
Its final ordinary dividend increased by 79.7% to 1,229c and it declared a final special dividend of 2,710c per share. This brought the total ordinary dividend for the 2025 financial year to 1,644c and the total special dividend to 3,926c per share.
The group, valued at R57.7bn on the JSE, owns iconic SA brands including Koo, Jungle Oats, Tastic, Fattis & Monis, All Gold and Black Cat.
The group said continuous improvement efforts and strategic pricing initiatives during the year contributed to increased affordability of the company’s products with overall price deflation of 0.8% and volume growth of 3.5%.
“Despite food and non-alcoholic beverage inflation moderating to 4.5% in September, household budgets remain strained as the increase in other essential costs impacts disposable income, and consumers have to make trade-offs,” said CEO Tjaart Kruger.
Volume growth was ahead of short- to medium-term guidance, driven by volume growth across the Milling and Baking, Grains and Culinary business units, he said.
Milling and Baking’s operating profit increased by 27% to R761m, while Grains’ operating profit increased by 236% to R736m.
Tiger Brands’ portfolio optimisation strategy remained on track with key transactions executed in the past year in the categories and divisions considered noncore to the company’s future competitiveness. Those include the Carozzi and Baby Wellbeing division disposals during the first half and the completion of the Langeberg and Ashton Foods transaction at the end of September 2025.
The Randfontein Operations (Wheat Mill and Maize business) transaction announced in May is currently with the Competition Tribunal for approval.
In addition, the company has entered into an agreement to dispose of its 74.69% interest in the Cameroonian subsidiary Chocolaterie Confiserie Camerounaise (Chococam) to Minkama Capital, an Africa-focused investment firm specialising in consumer goods.
Tiger Brands has also refreshed its corporate brand, 25 years after changing the company name from Tiger Oats.
In line with that change, the company also refreshed its corporate purpose to be deliberate about the active role it plays in creating positive and sustainable outcomes across its value chain, Kruger said.
“Our new logo is a powerful symbol of unity and progress and reflects the bold choices we have made. It draws on the legacy of the Tiger that has been integral to our company story for more than a century and reimagines it for the future,” Kruger said.
In the short- to medium-term, the group expects volume growth of 1%-3% and revenue growth in line with inflation.
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