Rhodes Food ups dividend by a third amid boost from weaker rand

Rhodes Food Group, which makes Bull Brand corned meat and Bisto gravies, upped its dividend for the year to end-September by more than a third after a weaker rand helped boost profits.

Turnover in the regional segment, which includes SA and the rest of Africa, increased by 8.4% and accounted for 80% of total turnover. International turnover increased by 8.8%, assisted by the 7.7% depreciation of the rand against group’s major trading currencies. Management priorities for the year ahead include improving the balance sheet by generating stronger cash flows to reduce debt levels, a continued focus on working capital management and containing costs in the constrained consumer environment, the company said.

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