South Africa’s Tiger Brands posts 1.6 rise in FY profit

South Africa’s biggest consumer foods maker, Tiger Brands, on Monday reported a 1.6 percent rise in full-year profit as it refocuses on its home market after a costly foray into the rest of Africa.

Tiger Brands reported headline earnings per share (EPS) of 2,161 cents for the year to end-September, compared with 2,127.1 cents a year ago.

Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

Tiger Brands, which makes bread, breakfast cereals and energy drinks, started a strategic review under new chief executive Lawrence MacDougall after heavy losses in Nigeria.

The company sold the bulk of its Nigerian business to Dangote Flour Mills in 2015 and has also pulled back from East Africa as part of the review.