Tiger Brands Limited Shows Resilience with 19% EPS Growth Amidst Revenue Dip

Tiger Brands Limited, a prominent entity in the South African market, recently released its unaudited group results and dividend declaration for the six months ending 31 March 2024. This period showcased a blend of challenges and strategic maneuvers amid a leadership transition and a dynamic economic landscape.

Financial Performance Analysis

In the face of challenging trading conditions, Tiger Brands experienced a slight decline in revenue, down by 1% to R19.2 billion. However, the company’s strategic efforts were evident in other financial metrics. Operating income decreased by 3% to R1.3 billion, while income from associates surged impressively by 44% to R396 million. The earnings per share (EPS) from total operations also showed a notable increase of 19% to 892 cents per share, reflecting resilience and strategic adaptation.

Leadership Transition and Strategic Focus

The appointment of Tjaart Kruger as CEO in November 2023 marked a pivotal moment for Tiger Brands. Under his leadership, the company finalized its new leadership team, including the appointment of Thushen Govender as CFO and Managing Directors for each business unit. This strategic reshuffle aimed at revitalizing the group, fostering growth, and enhancing profitability sustainably.

Operational Challenges and Response

The first half of 2024 posed significant operational challenges for Tiger Brands. Negative volume growth in retail and wholesale channels, coupled with slower-than-expected trading ahead of the Easter period, tested the company’s resilience. However, strategic decisions such as deliberate volume reduction in certain divisions demonstrated a proactive approach to improving pricing strategies and overall performance.

Financial Highlights and Dividend Declaration

Despite the challenges, Tiger Brands showcased financial resilience. The company’s EPS from total operations increased by 19%, reaching 892 cents per share. This positive trajectory allowed for an interim dividend increase of 9% to 350 cents per share, aligning with the company’s dividend policy and reflecting confidence in future prospects.

Financial Metrics Overview

Financial MetricAmount/Percentage
RevenueR19.2 billion (-1%)
Operating IncomeR1.3 billion (-3%)
Income from AssociatesR396 million (+44%)
EPS from Total Operations892 cents per share (+19%)
Interim Dividend350 cents per share (+9%)

Outlook and Strategic Direction

Looking ahead, Tiger Brands anticipates a continued challenging operating landscape. Economic indicators suggest consumer strain due to inflation and limited wage growth. However, the new leadership team’s strategic initiatives are expected to yield positive results in the short term. The company remains confident in its focused strategy, enabling strategic investments in brands and segments poised for sustainable long-term returns.


Tiger Brands’ performance in the first half of 2024 reflects a blend of resilience, strategic foresight, and proactive response to operational challenges. The leadership transition, coupled with strategic initiatives, positions the company for improved performance and sustainable growth. As Tiger Brands navigates the dynamic economic environment, its strategic direction and financial resilience remain key pillars of its success.