Tiger Brands Limited

Integrated annual report


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Revenue in Grains increased by 6% to R15,5 billion, reflecting average price inflation of 9%, offset by overall volume declines of 3%.



Operating income recorded a marked recovery in the second half driven by all segments except Maize. Despite this, it was not enough to offset the poor first-half performance, with the full-year operating income ending 7% lower at R1,3 billion.

Revenue in Milling & Baking increased by 5% to R10,6 billion, influenced by price inflation of 16% and an overall volume decline of 11%. Bakeries benefited from the planned volume recovery initiatives in the second half, driven primarily by top-end retail, while the performance in the general trade gained encouraging momentum. Despite an improved volume performance in the second half, this was not enough to offset the poor start to the year. In addition, price increases and cost reduction initiatives were insufficient to counter the significant impact of higher fuel costs and raw material inflation. Maize's performance was adversely impacted by continued volume pressure as well as volatile raw material prices. This was compounded by the effect of higher conversion costs driven by increased generator utilisation amid excessive loadshedding and power outages. The sorghum-based breakfast and beverages business delivered a muted performance, impacted by supply challenges and lower demand. Overall, Milling & Baking's total operating income declined by 21% to R803 million.

Revenue in Other Grains grew by 9% to R4,9 billion and operating income increased by 33% to R469 million, largely as a result of Rice's significantly improved performance. Although the Oat-based breakfast (Jungle) and Pasta businesses delivered solid revenue growth, higher raw material and distribution costs, as well as sub-optimal factory performances, adversely impacted profitability. Volumes in Rice benefited from category deflation relative to other carbohydrates as well as successful brand and customer initiatives.

  • Revenue

    Up 6%


    2021: R14,6 billion

  • Operating income

    Down 7%


    2021: R1,4 billion

  • Operating margin



    2021: 9,4%

  • Focus on supporting innovations in wheat category
  • Continued focus on volume/value in bread to remain agile
  • Continued focus on cost savings and efficiencies
  • Various customer and shopper campaigns in the pipeline to drive volume growthh
  • Continued investment in pasta plant to improve quality and build equity
  • Improve product mix and availability of pasta and Jungle RTE ranges