Pioneer Foods, the South African group, has reported an increase in annual sales and earnings.
The company booked a 30% increase in adjusted headline earnings per share to 832 cents for the period ended 30 September.
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Earnings rose 17% to ZAR1.13bn (US$91.8m), adjusted for the impact of an impairment charge associated with the October 2014 unbundling of the Quantum Foods business.
Adjusted operating income was up 28% to ZAR2.15bn.
Revenues in the company rose 6% to ZAR18.7bn.
Pioneer said its essential foods division – comprising rice and pasta – “delivered exceptional results in a low growth and contested environment, whilst successfully navigating challenging soft commodity procurement vagaries”.
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By GlobalDataDespite the under-performance of smaller brands in its groceries division, Pioneer said it saw “excellent growth in wheat biscuits” with the unit growing its operating profit by 26%.
Pioneer’s international arm benefited from “favourable international supply and demand dynamics in fruit exports in the second half”.
