Tongaat takes R158m profit hit from July’s civil unrest

Sugar producer Tongaat Hulett, which is still struggling to put its accounting scandal behind it, says July’s civil unrest cost it R158m in profits as fields were set ablaze and stocks looted.

The former blue-chip stock, now valued at only R784m on the JSE, says the unrest also led to property damage and sales being cancelled, with the group now on track to tap shareholders for up to R4bn in early 2022 as it battles a R6.9bn debt pile...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

And the whining about the rise in the price of sugar in 3...2...1

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