Clover Industries’ annual profit more than tripled, boosted by its exit from the milk business and a recovery from drought the previous year. Photo: Simphiwe Mbokazi/African News Agency (ANA)

JOHANNESBURG- Clover Industries’ annual profit more than tripled, the South African dairy company said on Wednesday, boosted by its exit from the milk business and a recovery from drought the previous year.

Normalised headline earnings per share (HEPS), which strips out certain one-off items and is South Africa’s main profit measure, rose to 206.9 cents for the year to June 30 from 63.9 cents.

“Clover reported an exceptional turnaround from a drought-stricken prior year to deliver its best financial performance since listing,” the firm said in a statement.

The previous financial year profits was impacted by a severe drought which triggered a record slaughter of cattle.

Clover, which processes yoghurt, beverages, custard and cheese and products such as olive oil, has focused on developing higher margin, value-added branded food and beverages as part of its strategy to move away from lower-margin commoditised dairy products.

-REUTERS