JOHANNESBURG, SOUTH AFRICA —Tiger Brands Ltd. expects its earnings per share for the year ended Sept. 30 to be 88% to 93% higher than last year.
In a regulatory filing on Oct. 28, the company said earnings from total operations are expected to be between 2,007 cents and 2,061 cents compared to 1,068 cents a year ago. Headline earnings per share from total operations are estimated at between 2,105 cents and 2,154 cents, or 18% to 21% higher than the 1,786 cents reported a year ago.
This February, Tiger sold its stake in Tiger Branded Consumer Goods Plc (TBCG), formerly Dangote Flour Mills, to its joint venture partner, Dangote Industries. It has been reflected as a discontinued operation for the period up to the date of its disposal, Feb. 25, with the comparative information restated accordingly.
As part of the agreement, Dangote provided $46.6 million for TBCG and Tiger sold its 65.7% stake in the business to Dangote for $1. Dangote changed the name of the business back to Dangote Flour Mills in April.
EPS from continuing operations (excluding TBCG) is expected to be between 1,958 cents and 2,055 cents, or between 1% and 6% higher than the 1,930 cents reported for the comparative period.
