From SENS
Pioneer Foods released interim results today, posting positive results for the 6 month period. Pioneer currently holds a R22bn market cap, with a 22% improvement on its share price in the last year. Pioneer is trading up on the day on the back of its positive results.
- H1 revenue for continuing operations R8.8bn up +9%
- Adjusted headline eps for continuing operations 325c +41%
- Interim gross dividend per share 65c +41%
- Net cash profit increased by 47% to R1.1bn
Performance for the six months under review is characterised by reasonable growth in revenue with exceptional operating leverage, notwithstanding economic headwinds. The following key value drivers underpinned the Group’s performance:
- Good domestic beverage volume growth
- Strong export volume growth on both fruit and beverages
- Normalisation of maize profitability
- Significant progress on cost and efficiency efforts
- Early signs of traction within bakeries
- Export benefits from rand weakness
- Quantum Foods turnaround
For the full SENS report, Click Here
