South Africa’s oldest food producing company, Rhodes Food Group, on Tuesday said it posted a robust financial performance in the year to 28 September this year, boosted by sustained organic growth in both the regional and international businesses.

“The business has proven resilient in the current constrained consumer environment owing to the strength of its brands, its exposure to higher LSM customers who have been less impacted than the middle market income groups, and its well established international customer base,” the group said.

Turnover for the period surged 31.5 percent to R2.4 billion ($217.8 million) from R1.8bn ($163.3 million) through continued organic growth and the inclusion of the Bull Brand business for the full year. Bull Brand is the food maker’s iconic and original corned meat brand.

Turnover also benefited from the 13 percent depreciation in the value of the Rand against the group’s basket of trading currencies. Export sales accounted for 35 percent of revenue for the year.

Profit after tax more than doubled and increased by R44.3 million ($4m) to R82.5 million ($7.4m), with headline earnings for the period R45.6 million ($4.1m) higher at R81.3 million ($7.3m).

Rhodes Food Group is a leading producer of convenience meal solutions in fresh, frozen and long life product formats, catering for needs across all consumer income groups.

The group’s growing portfolio of strong brands includes Rhodes, Bull Brand, Magpie, Hazeldene and Portobello. These brands are complemented by private label product ranges prepared for selected domestic and international retailers.

Rhodes Food Group listed on the main board of the Johannesburg Stock Exchange (JSE) on 2nd October this year shortly after its financial year ended.

Primary capital of R600 million ($54.4 million) was raised through the listing and the net proceeds are being used to invest in capacity expansion of production facilities in South Africa and Swaziland, reduce debt and accelerate the group’s growth strategy through strategic acquisitions.

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