Tiger Brands profits hit by July unrest, product recall

Tiger Brands, a leading South African consumer goods company, reported a challenging second half of the year, impacted by a product recall and civil unrest in key economic regions of Kwazulu-Natal and Gauteng. Despite these setbacks, CEO Noel Doyle remains optimistic about the company's future prospects. In a recent interview with CNBC Africa, Doyle discussed the company's focus on innovation, expansion into new markets, and investment in venture capital funds. The key theme of the interview was Tiger Brands' strategy to enhance its product offerings, grow its presence in Africa, and drive sustainable growth. Doyle highlighted the importance of understanding consumer needs and fostering a culture of innovation within the organization. He emphasized the company's efforts to create a more consumer-centric business model to drive market efficiency and meet evolving consumer demands. Tiger Brands aims to cultivate a more agile and forward-thinking approach to business operations, moving away from past struggles and embracing calculated risk-taking. One of the key initiatives discussed was the launch of a venture capital fund to support farmers and entrepreneurs in the agricultural sector. The fund has already received significant interest, with plans to allocate funding to promising projects. Additionally, Tiger Brands highlighted its commitment to environmental, social, and governance (ESG) initiatives, including supporting farmer aggregators and promoting sustainable agricultural practices. Doyle expressed his optimism about the potential impact of these initiatives on job creation and economic growth in the region. Looking ahead, Tiger Brands is focused on expanding its presence in Africa, particularly in markets like Nigeria and Mozambique. The company has identified opportunities for both organic and inorganic growth, with a strategic emphasis on acquiring brands and management teams that align with its growth strategy. Tiger Brands remains committed to its operations in Nairobi and plans to continue investing in the region to capitalize on emerging opportunities. As the company navigates the complex landscape of African markets, it remains dedicated to driving growth and creating value for stakeholders. With a strong focus on innovation, sustainability, and market expansion, Tiger Brands is poised to thrive in the evolving consumer landscape.