AGRICULTURE NEWS - After experiencing some significant financial knocks during its first half-year ended 31 March 2020 (H1 2020), Tiger Brands is reportedly undergoing major strategic changes to keep the company viable in a very difficult future trading environment.

Some of these financial challenges emerged as a result of the national and international trading restrictions due to the coronavirus disease (COVID-19) pandemic

Tiger Brands reported that its H1 2020 group revenue from continuing operations increased 2% to R15,7 billion (H1 2019: R15,3 billion), largely due to product price inflation averaging 4%.

However, for the same period, the company’s profit before tax from continuing operations declined 65% to R673 million (H1 2019: R1,9 billion), mainly as a result of lower sales volumes, raw material and conversion costs rising ahead of inflation, and increased investment in marketing.

Read the full article here on the Caxton publication, Farmer's Weekly