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South Africa’s RCL Foods posts 65 percent drop in profits

South African food company RCL Foods reported a 65.4 percent drop in annual headline earnings on 31 August but continues to offer dividends.

31 August 2020, at 7:50am

Reuters reports that RCL Foods, the owner of Rainbow chicken recorded its headline earnings per share (HEPS) fell 65.4 percent to 114.2 million rand ($6.89 million) for the year to 30 June from 329.5 million rand in the same period last year. The company attributed the loss to the economic impact of the COVID-19 lockdown.

HEPS strips out some one-off items the main profit gauge used in South Africa.

Despite a loss of 959 million rand for the period, the group declared a final gross cash dividend of 10 cents, bringing the total dividend declared for the year to 25.0 cents.

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