This was primarily driven by an improved performance from the Deciduous Fruit business, which benefited from higher international fruit prices and improved volumes, resulting in revenue increasing by 32%. In addition, this business recorded operating income of R26 million, driven by higher volumes and favourable exchange rates due to the weaker rand, compared to an operating loss of R147 million incurred in the prior year.

The Exports business grew revenue by 14% following improved sales of powdered soft drinks and seasoning into key export markets in the second half. Operating income increased significantly to R143 million (2021: R71 million) due to better realisations, increased factory efficiencies, improved stock management and a favourable product mix.

Chococam’s revenue increased by 10% to R1,1 billion (14% in local currency), comprising 7% volume growth and 7% price inflation, reduced by an unfavourable foreign currency translation movement of 4%. Volumes were driven by the implementation of optimal pricing strategies and packaging solutions, an improved distribution network in key markets and market share gains in chocolate. Operating income in rand terms increased by 5% to R181 million.

• Revenue

  Up 19%

  R4,3bn

  2021: R3,6 billion

• Operating income

  Up 265%

  R350m

  2021: R96 million

• Operating margin

   

  8,2%

  2021: 2,7%

• Deepen and expand distribution
• Improve factory efficiencies and reduce costs
• Drive insight led innovations and accelerate targeted marketing campaigns