An interview with the CEO of South Africa's largest food manufacturer.
Walk into any SA household and you'll probably find food items produced by Tiger Brands on the shelves, such as Albany bread, Tastic rice, Purity baby food, Koo canned beans, Jungle Oats, Oros juice, Black Cat peanut butter and All Gold jam.
By being the largest food manufacturer, the financial performance of Tiger is a barometer of the SA economy and consumer spending. Its annual results for the year to September 2020 point to an economy deep in the doldrums; profit fell 73.2% to R1.03-billion, revenue from continuing operations climbed 4% to R29.8-billion and profit margins withered. In this interview, Tiger CEO Noel Doyle talks about the impact of Covid-19 on consumers and how he'll turn the fortunes of Tiger around.
Q. Since Tiger's results reporting period, lockdown regulations have been substantially eased. Has there been an increase in sales of Tiger's products?
A. The trading environment has been okay in the first seven weeks after reporting results. We have had some feedback about the bottom end of the consumer market. There has been a slowdown in spending as debt payment holiday programmes have come to an end and...