Subscribe & Follow
#CannesLions
The new standardCarl Willoughby
All the South African winnersDanette Breitenbach
Final Grande Prix and LionsDanette Breitenbach
Trending
- #Cannes2024: All the South African winnersDanette Breitenbach
Executive pay: The virus Elon Musk is exporting back to SAAnn Crotty for Just Share
Jobs
- Ops Admin and Key Accounts Muizenberg
- Store Assistant Manager - Retail Worcester
- Cashiers and Shop Assistants Worcester
- Customer Service (UK) Work from Home Nationwide
- Senior Digital Graphic Designer Cape Town
RCL Foods edges closer to spinning off poultry business
RCL, whose brands include Selati sugar, Ouma rusks and Yum Yum peanut butter, says it is restructuring its portfolio to deliver sustainable earnings. The chicken business is one of the biggest poultry producers in South Africa, processing 4.1 million chickens a week.
The separation of Rainbow Chicken Limited, announced in March, will be carried out by distributing shares to RCL shareholders on a one-for-one basis. The new entity will be listed on the JSE on June 29, RCL said in a statement.
Rainbow’s revenue increased 11% to R7.29bn ($391.97m) in the six months to December 2023. Its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 365% to R287m due to a better agricultural performance, improved volumes and margins, and sound cost control.
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/About Nelson Banya
Reporting by Nelson Banya; Editing by Mark PotterRelated
