The company witnessed a marginal revenue decline of 1%, amounting to just over $1 billion. This downturn is largely attributed to the underperformance of its grains division, which includes milling and baking operations.

The company's results reflect the broader economic pressures facing consumers who are becoming increasingly selective in their spending habits.
Tiger Brands has also been adversely affected by rising raw material costs, which have been exacerbated by unfavourable weather conditions and an export ban on Indian rice.

Chief Financial Officer Thushen Govender highlighted the persistent inflationary trends within the agricultural and commodity supply chains, noting that despite a general perception of decreasing inflation, the company is not experiencing a reduction in costs.

"Our inflation rates for agricultural products, excluding commodities, are averaging around 16 to 17% for the second half of the year," said Govender.

--SABC--