Cape Town – Tongaat Hulett said on Friday it expected a 40 percent increase in operating profit, from R1,669 billion to R2,333 billion, for the year to the end of March.
An agriculture and agri-processing business, Tongaat Hulett’s operations are focused on the complementary feedstocks of sugarcane and maize in six countries in Africa.
Read also: Late rain to help Tongaat Hulett
The company said the improvement was reflective of better local market prices, more effective import protection dynamics in the countries where it produces sugar and higher prices for exports, especially into African markets and the European Union.
Full results are expected on Monday May 29.
– African News Agency (ANA)