JOHANNESBURG, Sept 9 (Askume) – South Africa’s AVI (AVIJ.J) on Monday reported a 24.1% rise in full-year profit, as the food producer and fashion retailer raised prices to offset higher input costs.
The group reported core earnings per share, the country’s main profit metric, of 687.1 cents for the full year ended June 30.
“We have seen improvement across most key performance indicators,” the company said, noting that gross margins have reached pre-COVID-19 levels.
The owner of brands including Five Roses tea and Bakers Biscuits said its revenue rose 6.3% to 15.86 billion rand ($887 million).
Group operating profit rose 21.7% to R3.3 billion, driven by higher volumes and higher selling prices in the tea and coffee, snacks and fashion businesses.
Meanwhile, its I&J and personal care businesses suffered as frozen fish business I&J faced lower fishing rates and constraints in the abalone market, while the personal care business suffered as consumers curbed spending.
The company declared a final dividend of 388 cents per share with a total special dividend of 280 cents per share.
(1 USD = 17.8868 Rand)
