Cape Town - Rhodes Food Group declared a maiden dividend after more than doubling profit to R169.8 million for the year to end-September.
The producer of convenience foods in fresh, frozen and long life formats said group turnover was 23.7 percent higher at R3 billion, with acquisitions complementing organic growth in the period under review.
A statement from the group noted strong organic growth in the regional segment with increased sales, a turnaround programme at Bull Brand and enhanced production efficiencies at all plants.
The regional segment includes business generated in South Africa and 14 other countries in sub-Saharan Africa.
CE Bruce Henderson said: “Regional sales increased by 32.5 percent, with market share gains across all our core product categories and significant growth in sub-Saharan African markets, where sales were 55.2 percent higher.”
Rhodes, which also exports canned fruit, fruit juice purees and concentrates to Europe, the Far East, the US, Canada, Australasia, Russia and the Middle East, said turnover had benefited from the weakening of the rand against the group's basket of trading currencies.
Rhodes, which listed on the JSE in October 2014, declared a maiden dividend of 24.8 cents per share.
AFRICAN NEWS AGENCY