RCL Foods Limited (JSE:RCL) News - Group financial results and cash dividend declaration for the six months ended December 2021

RCL FOODS LIMITED
(Incorporated in the Republic of South Africa)
ISIN: ZAE000179438
Share Code: RCL
(“RCL FOODS" or “the Company” or “the Group”)

GROUP FINANCIAL RESULTS AND CASH DIVIDEND DECLARATION FOR THE SIX
MONTHS ENDED DECEMBER 2021

  •   Revenue up 9.2% to R17,1 billion
  •   Earnings before depreciation, amortisation and impairment
      (EBITDA) up 14.4% to R1 292,7 million
  •   Underlying* EBITDA up 2.5% to R1 378,4 million
  •   Headline earnings per share (HEPS) up 21.6% to 72.7 cents
  •   Underlying* HEPS up 3.1% to 79.6 cents
  •   Earnings per share (EPS) up 19.8% to 73.8 cents
  •   Underlying* EPS up 2.1% to 80.7 cents
  •   Interim dividend declared of 15.0 cents per share

*The underlying view of the results excludes material once-offs
and accounting adjustments. Refer to the “Reconciliation between
unadjusted and underlying results” section provided as part of the
full announcement for further details.

RCL FOODS has maintained its positive momentum to deliver a
pleasing set of interim results, despite tough market conditions.

The Food Division yet again delivered a resilient underlying
performance. Groceries’ demand remained relatively strong across
most categories, despite the implementation of selective price
increases to offset growing commodity cost pressure. Sugar’s
performance   remained  strong   aided by continued operational
efficiency, a relatively high world sugar price, favourable local
industry factors and strong local market demand. In Baking,
margins have come under pressure due to increased input costs.

Despite being significantly impacted by Avian Influenza, the
Chicken Division returned to break-even, benefitting from better
agricultural results and higher price realisations.

Vector Logistics delivered a pleasing result for the current
reporting period with good progress achieved with the integration
of the Imperial Logistics South Africa’s cold chain business (ICL)
network and a recovery in the food service space, as volumes
returned to almost pre-COVID-19 levels.
CASH DIVIDEND DECLARATION

Notice is hereby given that the directors have declared an interim
gross cash dividend (number 94) of 15.0 cents (12.0 cents net of
dividend withholding tax) for the six months ended December 2021.

The dividend has been declared from income reserves.

A dividend withholding tax of 20% will be applicable to all
shareholders who are not exempt.

The issued share capital at the declaration date is 952 257 203
ordinary shares. The company’s income tax reference number is
9950019712.

The salient dates for the dividend will be as follows:

Publication of declaration data                   Monday, 28 February 2022
Last day of trade to receive a dividend             Tuesday, 19 April 2022
Shares commence trading “ex” dividend             Wednesday, 20 April 2022
Record date                                          Friday, 22 April 2022
Payment date                                         Monday, 25 April 2022

Share certificates may not be dematerialised or rematerialised
between Wednesday, 20 April 2022 and Friday, 22 April 2022, both
days inclusive.

The contents of this short-form announcement are the
responsibility of the board of directors of the Group.

Shareholders are advised that this short-form announcement
represents a summary of the information contained in the full
announcement and does not contain full or complete details as
published on the RCL FOODS website, www.rclfoods.com on 28
February 2022.

Any investment decisions by investors and/or shareholders should
be based on a consideration of the full announcement as a whole
and shareholders are encouraged to review the full announcement,
which is available for viewing at
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/RCL/28022022.pdf
or on the Group’s website set out above. Copies of the full
announcement may be inspected at the Group’s registered office and
offices of its sponsor at no charge, during office hours of 08h00
to 16h30, Monday to Friday. Investors and/or shareholders may also
request copies of the full announcement by contacting the company
secretary at john.maher@rclfoods.com or on 087 362 8501.

Durban
28 February 2022

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 28-02-2022 07:05:00
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