INTEGRATED ANNUAL REPORT 2024

for the year ended 30 September 2024

International

INTERNATIONAL

Our ambition

Chococam is a leading player in the chocolate and confectionery market in Cameroon and the CEMAC region, with strong brand presence and consumer loyalty. Langeberg & Ashton Foods has been a leader in the global market for canned deciduous fruit for over 60 years.

Financial performance

R2,6 billion

Revenue

2023: R2,6 billion

2%

R0,32 billion

Operating income

2023: R0,31 billion

3%

12%

Operating margin

2023: 12%

10bps

The Chococam business delivered exceptional revenue growth versus the prior year, mainly driven by the chocolate spreads category and the export markets. Management have reacted quickly with the appropriate product formulation changes and price pack architecture strategies.

Deliberate fixed cost management initiatives during the year partially offset the impact of the cocoa beans increase resulting in minimal erosion of operating margin.

LAF continued to face puree pricing challenges in H2, with the market more affected by higher global stocks resulting in lower sales and lower prices. This resulted in a double-digit decline in operating income.

The solid performance from the Chococam business negated the decline in profitability of the LAF business resulting in full-year operating income for the International segment growing by 3%.