Tiger Brands, South Africa’s leading packaged goods and food producer, has announced a significant increase in earnings for the 2025 financial year, alongside a bold corporate brand refresh signaling a new chapter for the group.
Despite a constrained consumer environment, Tiger Brands delivered robust earnings growth and sustained cash generation. The company noted that while food and non-alcoholic beverage inflation moderated to 4.5% in September, consumers remain under pressure and continue to seek value.
“Our strategy is anchored in delivering value for consumers,” the group said, highlighting continuous improvement initiatives and strategic pricing adjustments throughout the year.
Financial Highlights
- Revenue: Up 2.7% to R34.4 billion, driven by 3.5% volume growth and 0.8% price deflation.
- Gross Margin: Improved to 31.3% from 29.1%, supported by value engineering savings on recipes and packaging and enhanced factory efficiencies.
- EPS (Total Operations): Increased 30% to 2,482 cents per share.
- HEPS (Total Operations): Up 15% to 2,056 cents per share.
- Continuing Operations: EPS surged 50% to 2,662 cents, while HEPS rose 31% to 2,141 cents.
The difference between EPS and HEPS reflects profits from the disposal of the Baby Wellbeing division and Chilean associate Carozzi.
Shareholder Returns
Tiger Brands reduced its dividend cover from 1.75x to 1.25x, resulting in:
- Final Ordinary Dividend: Up 79.7% to 1,229 cents per share.
- Total Ordinary Dividend: 1,644 cents per share, equating to R2.4 billion payout.
- Special Dividend: 3,926 cents per share, totaling R5.8 billion.
- Share Buyback: Additional R1.5 billion returned to shareholders.
| Item | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | R34.4 billion | R33.5 billion | +2.7% |
| Group operating income | R3.8 billion | R2.8 billion | +35% |
| EPS – Total operations | 2 482 cps | 1 914 cps (restated) | +30% |
| EPS – Continuing operations | 2 662 cps | 1 776 cps (restated) | +50% |
| HEPS – Total operations | 2 056 cps | 1 782 cps (restated) | +15% |
| HEPS – Continuing operations | 2 141 cps | 1 631 cps (restated) | +31% |
| Share buybacks | R1.5 billion | – | – |
| Interim special dividend | 1 216 cps (R1.8 bn) | – | – |
| Dividend cover | 1.25× | 1.75× | Reduced |
| Final ordinary dividend | 1 229 cps | 684 cps | +79.7% |
| Final special dividend | 2 710 cps (R4.0 bn) | – | – |
| Total ordinary dividend (FY25) | 1 644 cps (R2.4 bn) | – | – |
| Total special dividend (FY25) | 3 926 cps (R5.8 bn) | – | – |
Brand Refresh and Strategic Focus
Tiger Brands, home to iconic household names such as Albany, All Gold, Black Cat, Doom, Energade, Jungle Oats, Mrs H.S. Balls, Oros, Koo, and Maynards, is embarking on a corporate brand refresh under CEO Tjaart Kruger, appointed in November 2023.
After years of external challenges—including unsuccessful African expansions and the 2018 listeriosis outbreak—the company has focused inward, investing heavily in plant automation, portfolio rationalization, and now, brand rejuvenation.
The company stated:
This refresh reflects our commitment to contribute to a healthier, more resilient Southern Africa by bringing affordable, quality foods and essentials to everyone.
The new purpose:
“To cultivate and nourish lives every day and every tomorrow.”
Tiger Brands aims to recapture market share, realign in personal care, and address household affordability challenges, while driving positive, sustainable outcomes across its value chain.
The company confirmed that its lead reinsurer, QBE Insurance, is still settling claims linked to the 2018 listeriosis outbreak, which resulted in over 200 fatalities due to contaminated ready-to-eat processed meat products.
