RCL expects 75% y/y growth in headline earnings
JSE-listed consumer goods group RCL Foods expects to report a 75% year-on-year increase in headline earnings per share (HEPS) for the financial year ending June 30, supported by higher earnings in the Rainbow Chicken and Groceries segments.
RCL says its HEPS will increase by at least 51.2c from the 68.3c reported for the prior financial year.
In turn, earnings per share (EPS) will be at least 125%, or 86.6c, higher year-on-year, improving on the prior year’s EPS of 69.3c.
RCL’s difference between HEPS and EPS in the year under review relates to the profit on disposal of the group’s Vector segment and insurance proceeds from fire damage having occurred at the Komatipoort raw sugar warehouse in the 2022 financial year. Both these items were excluded from HEPS.
RCL reports that the Groceries segment, within the value-added business division, has recorded normalisation in pet food volumes and improved margins following loadshedding-induced service level challenges in the prior year.
The Rainbow Chicken business, which is due to be listed as a separate entity in July, recorded growth in retail and wholesale volumes in the reporting year, while the external feed division benefitted from improved external margins.
The Sugar segment continues to deliver a strong operational performance and is benefitting from high international prices.
The Baking segment, however, remains under pressure owing to a highly competitive trading environment for bread, buns and rolls.
RCL will release its full results for the year on or about September 2.
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