Operational review


Strategic outlook

Our ambition is to organically grow our Africa export business by building on our current established presence across the continent. Informed by a thorough understanding of the opportunities and risks across this market, we have classified the countries for potential growth into four categories – expand, develop, trade and explore (see Drive growth). To win in identified key markets, we will be prioritising product categories to drive volume growth, investing in targeted brands and where necessary developing new products. We have engaged selected partners to ensure an optimal route-to-market in priority countries, and we are investing in building key capabilities in each market with dedicated support functions that are tailored to local conditions. At Chococam in Central Africa, we will be driving further innovation within the core business, securing efficiencies through facility upgrades, and embedding a performance-driven customer-centric culture.

Total revenue for the Exports and International businesses increased by 4% to R3,4 billion. This was driven by an improved second half performance from our business in Cameroon as well as a better second half in Exports. Operating income, however, reduced by 51% to R104 million.

The performance of the Exports segment was negatively affected by the trademark dispute with a former distributor in Nigeria. The subsequent resolution of the dispute resulted in the resumption of sales into Nigeria, which has provided positive momentum going into the new financial year. In addition, a rebound of our export volumes into Mozambique is evident after several years of underperformance as the improved distributor model gains traction.

Revenue in the Deciduous Fruit business was largely unchanged due to an improved second half performance. Despite the recovery in revenue, the business recorded an operating loss of R78 million (2019: R8 million loss) due to the negative effects of lockdown restrictions in certain export markets as well as adverse foreign exchange movements relative to the previous year.

Chococam's performance during the year was muted. A 7% decline in revenue in local currency terms was a consequence of lower volumes in a challenging macro-economic environment, compounded by the effect of the Covid-19 pandemic. Revenue in rand terms increased by 4% to R942 million. Operating income decreased by 14% in rand terms to R149 million (23% reduction in local currency), due to significant raw material cost push, the effect of lower volume throughput on factory overhead recoveries and a 5% excise tax on gross sales introduced earlier in the year.

Financial highlights



2019: R3,2 billion




Operating income
2019: R212,1 million

Revenue by segment

Revenue by segment

Performance summary

Improved second half performance driven by better performance from Cameroon and Exports
Positive momentum in Nigeria following trademark dispute resolution post-year-end
Deciduous Fruit disposal progressed
Chococam performance impacted by higher raw material input costs and 5% excise tax introduced earlier in the year

Operating facilities

Exports and international map


  • Chococam

South Africa


  • Powdered soft drinks (Jolly Jus) and Benny seasoning for export markets

Western Cape

  • Deciduous Fruit (LAF)