South Africa’s Pioneer Foods has reported a jump in profits in a year it labelled as “defining” for the business.

The maker of Nature’s Source breakfast cereal and Sasko bread booked earnings of ZAR965m (US$87.4m) for the 12 months to 30 September, up 95% on a year earlier. Headline earnings per share – a metric analysts monitor closely in South Africa – was up 48% at 576 cents. Revenue climbed 7.5% to ZAR21.3bn

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Last month, Pioneer spun off poultry arm Quantum Foods, which listed on the Johannesburg Stock Exchange.

Excluding the contribution from Quantum and adjusting for charges from a black economic empowerment programme, headline earnings per share climbed 37% to 637 cents.

Adjusted operating profit from Pioneer’s continuing operations increased 46% year-on-year to ZAR1.68bn. The company’s revenue from its continuing operations was up 9% at ZAR17.7bn. Pioneer pointed to an increase in selling prices and exports. It also saw a “strong recovery in both maize and bread sales volume and market shares in the second half”.

“2014 has been a defining year for Pioneer Foods in respect of the twin objectives set, namely strengthening of brands and expanding margins. Notwithstanding the difficult trading environment and strong economic headwinds, the business navigated its way with precision, and delivered a pleasing set of results,” the company said.

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“Whilst the South African economy remains vulnerable and is unlikely to recover in the short term, Pioneer Foods has been competitively repositioned to defend and grow its brands. The corporate portfolio will continue to be honed in an effort to sharpen the focus, appropriately direct capital allocations and, in so doing, enhance shareholder returns.”