Tiger Brands (TBS) FY23 – Results Snapshot

Diluted HEPS of 1 709.8 cps (FY22: 1 678.7 cps).
Revenue growth of +9.9% y-y (FY22: +9.9% y-y), driven by price inflation of 11% and a foreign exchange gains of 1% while overall volumes declined 2%.
GPM down -260 bps to 27.7% (FY22: 30.3%) as the group could not fully recover higher input costs.
Operating margin before non-operation items down to 8.2% (FY22: 10.0%).
Expense-to-sales down to 19.9% (FY22: 20.9%) due to the continued benefits of cost containment initiatives and supply chain efficiencies.
Dividend of 991 cps (FY22: 973 cps).
Volume growth in Exports offset by volume declines in the Domestic business due to the timing of shipments.