South African consumer goods group Tiger Brands has reported higher annual profits as improved earnings from its international markets offset challenging conditions at home, Just Food website reports. The group says its operating income from export markets "more than doubled", reaching R451m in the 12 months to 30 September.
Higher earnings from export markets helped drive a 7% increase in group operating income to 3.5bn, although Tiger's businesses outside South Africa still only account for 13% of its earnings.
Locally, Tiger noted domestic volumes slid 3%. It said it is trying to revitalise its domestic business, which has seen "economy" brands and increased competition from private label hit sales. According to Just Food website, Tiger said the next financial year would be "challenging" but felt confident its "growth prospects" in Africa look "encouraging".
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