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RCL FOODS LIMITED - Trading statement six months ended December 2023

Release Date: 05/02/2024 15:40
Code(s): RCL     PDF:  
Wrap Text
Trading statement – six months ended December 2023

RCL FOODS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1966/004972/06)
ISIN: ZAE000179438
Share Code: RCL
("RCL FOODS" or "the Group")

TRADING STATEMENT – SIX MONTHS ENDED DECEMBER 2023

In accordance with the JSE Limited Listings Requirements,
shareholders are advised that RCL FOODS expects its headline
earnings per share ("HEPS") from total operations* for the six
month period ended December 2023 ("current period") to be at least
30% (16.9 cents) higher when compared to the reported HEPS from
total operations of 56.4 cents for the six month period ended
December 2022 ("comparative period"). Earnings per share ("EPS")
from total operations for the current period is expected to be at
least 100% (57.6 cents) higher when compared to the reported EPS
from total operations of 57.6 cents for the comparative period.

The expected improvement in HEPS from the comparative period was
largely attributable to Rainbow and the Sugar business unit.
Despite the negative impact of Avian Influenza in the current
period, Rainbow delivered an improved result due to the continued
execution of the turnaround plan, which drove an improvement in
agricultural performance and operating efficiencies, coupled with
higher volumes and margins. Sugar's improvement was achieved
despite lower crop yields, and largely attributable to higher
market prices. The Groceries and Baking business units' results
were largely in line with the comparative period as volumes came
under pressure in a challenging trading environment.
The material difference between EPS and HEPS is mainly due to HEPS
excluding the profit arising on the sale of the Vector Logistics
segment, and insurance proceeds related to the Komatipoort sugar
warehouse fire claim.

The Group's financial results for the current period are expected
to be released on SENS on 4 March 2024. A further trading statement
will be issued as soon as the Group has a reasonable degree of
certainty as to the expected HEPS and EPS ranges for the current
period.

The financial information on which this trading statement is based
has not been reviewed and reported on by the Group's external
auditors.

*The Vector Logistics segment has been reported as a discontinued
operation in the current and prior period results. The information
provided in this trading statement relates to total operations,
being the total of continuing and discontinued operations.


Westville
5 February 2024

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 05-02-2024 03:40:00
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