Tiger Brands Ltd (TBS) FY22 Results Snapshot

Diluted HEPS 1678.7 cps (FY21: 1114.8 cps).
Turnover growth +9.9%.
GPM improved by +180bps to 30.3%. GPM improved despite GPM% regression in 1H22
Cost saving initiatives and supply chain efficiencies continued to make a psotive contribution to results.
Operating margin improved by +330bps to 10.0%
Expenses were well managed. Expense to sales down 1000bps to 20.2%
Final dividend up +29% to 653 cps
Total dividends of 973 cps (FY21: 826 CPS)
Share buy-back programme returns R1.5bn to Shareholders.