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Unaudited interim results and cash dividend declaration for the six months ended December 2024
RCL FOODS LIMITED
(Incorporated in the Republic of South Africa)
ISIN: ZAE000179438
Share Code: RCL
("RCL FOODS" or "the Company" or "the Group")
UNAUDITED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR THE
SIX MONTHS ENDED DECEMBER 2024
• Revenue from continuing operations* up 5.4% to R13,6 billion
• Earnings before interest, tax, depreciation, amortisation and
impairments (EBITDA)from continuing operations up 25.1% to R1
549,8 million
• Underlying** EBITDA from continuing operations up 20.5% to
R1 388,0 million
• Headline earnings per share (HEPS) from continuing operations
up 38.8% to 109.4 cents
• Underlying HEPS from continuing operations up 28.9% to 99.8 cents
• Total earnings per share (EPS) up 12.8% to 135.1 cents
• Total HEPS up 35.4% to 109.4 cents
• Total dividend per share declared for the six month period
ended December 2024: 20.0 cents per share (December 2023: Nil)
*Continuing operations relate to the remaining RCL FOODS business, comprising
the Groceries, Baking, Sugar and Group (shared services) segments, post the
Rainbow unbundling effected on 1 July 2024 and disposal of Vector Logistics in
the 2024 financial year. The comparative period results have been restated in
accordance with the requirements of IFRS 5 Non-current Assets Held for Sale and
Discontinued Operations to remove Rainbow from continuing operations and reflect
their results as a discontinued operation in the comparative period. The Vector
Logistics segment was sold in August 2023 and already reported as a discontinued
operation in the comparative period results.
**The underlying view of the results excludes material once-offs and accounting
adjustments. Underlying results constitute pro-forma financial information in
terms of the JSE Listings Requirements. Refer to the "Reconciliation between
unadjusted and underlying results" section provided as part of the interim
results announcement for the six months ended December 2024 for further details.
RCL FOODS has delivered a pleasing half-year performance despite
continued challenging market conditions. EBITDA increased by 25.1%
to R1 549,8 million (December 2023: R1 238,7 million). The
improved result was largely due to gains in Groceries and Baking,
as well as a partial recovery of the additional levy raised by the
South African Sugar Association (SASA) in our 2023 financial year
on the Sugar business unit, as a result of Tongaat and Gledhow
suspending payment of their industry obligations.
Groceries benefitted from a favourable product mix in pet food,
improved margins resulting from lower raw material input costs,
savings initiatives, production efficiencies and reduced load-
shedding.
The Baking business unit delivered an improved performance,
despite muted volumes in most categories. A focus on continuous
improvement and net revenue management initiatives, lower input
costs and the suspension of load-shedding drove their improved
result.
After consecutive years of record performance off a high base,
Sugar continued to deliver strong results, aided by continuous
improvements in operational performance and reduced industry
exposure to lower margin raw exports. Despite higher sales volumes,
Molatek was down on the prior period mainly driven by a less
favourable sales mix and rising input costs.
Our term-debt package, which expired in December 2024, was
successfully refinanced at R1,5 billion.
Discontinued operation results in the current period relates solely
to the non-cash gain realised on accounting for the unbundling of
Rainbow.
Cash Dividend Declaration
The Board of directors has approved a gross cash dividend (number
98) of 20.0 cents per share (16.0 cents per share net of dividend
withholding tax) for the six month period ended December 2024.
The dividend has been declared from income reserves.
A dividend withholding tax of 20% will be applicable to all
shareholders who are not exempt.
The issued share capital at the declaration date is 894 454 298
ordinary shares. The company's income tax reference number is
9950019712.
The salient dates for the dividend will be as follows:
Publication of declaration data Monday, 3 March 2025
Last day of trade to receive a dividend Tuesday, 6 May 2025
Shares commence trading "ex" dividend Wednesday, 7 May 2025
Record date Friday, 9 May 2025
Payment date Monday, 12 May 2025
Share certificates may not be dematerialised or rematerialised
between Wednesday, 7 May 2025 and Friday, 9 May 2025,
both days inclusive.
Shareholders are advised that this results announcement represents
a summary of the information contained in the unaudited interim
results announcement for the six months ended December 2024
("interim results") and does not contain full or complete details.
The interim results are available at
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/RCL/03032025.pdf
and on the RCL FOODS website, www.rclfoods.com/financial-results-
and-reports-2025/ on 3 March 2025.
Any investment decisions by investors and/or shareholders should
be based on a consideration of the interim results as a whole as
this results announcement does not provide all the details.
Westville
3 March 2025
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03-03-2025 07:05:00
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