Tiger Brands reported aftertax profit of R3.3bn for the year to end-September — 3.5 times higher than the previous year’s R942m, which was dragged down by a R2.2bn write-down of its Nigerian acquisition Dangote Flour Mills.

The group disposed of its Nigerian subsidiary in February.

Tiger Brands’ total turnover from continuing operations grew 11% to R31.7bn, its results statement released on Wednesday morning said.

Nearly 40% of the group’s turnover comes from grain sales. While this grew 13% to R12.8bn, it was driven entirely by inflation caused by drought. Volumes were flat, and operating income fell 3% to R2bn, the results statement said.

"During the year, the Fatti’s & Moni’s brand was expanded into the fast-growing convenience segment with the launch of instant noodles, and early indications are encouraging," Tiger Brands said.

"Jungle’s performance benefited from innovation, such as the single-serve Jungle cups that leverage on the trend of convenience and breakfast-on-the-go."

The group declared a final dividend of R7.02 per share, taking its total dividend for the year up 12% to R10.65.

Khotso Mokhele, chancellor of the University of the Free State and president of the National Research Foundation, will replace Andre Parker as chairman at Tiger Brands’ annual general meeting on February 21.

Tiger Brands also announced that Famous Brands director of mergers and acquisitions Kevin Hedderwick and chartered accountant Emma Mashilwane will be joining its board as nonexecutive directors.