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.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.