Tiger Brands Ltd (TBS)1H22 Results Snapshot

Diluted HEPS 719 cps (-2.0% y-y).
Turnover growth +1.9% y-y.
Significant volume declines in Bakeries and a protracted strike at Snacks & Treats negatively impacted 1H22
GPM declined by 140bps to 29.2%. Procurement of raw materials and the inability to sufficiently increase prices to offset increased costs led to lower GPM.
Operating margin declined by 90bps to 9.0%
Capex increased to 2.5% of sales (1H21: 2.3%).
Total dividend of 320cps (1H21: 320cps).