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Barati Mahloele

Physical Address
The Ingress, Building 3,
Magwa & Lone Creek Crescent,
Midrand, Gauteng,
2090, South Africa.

T +27 11 840 4000
Consumer helpline: 0860 005342

GPS: S 26 04’48 and E 28 01’30

Home>Investors>The Tiger Brands' investment thesis

The Tiger Brands' investment thesis

Invest in Southern Africa’s leading consumer goods company that places the consumer at the centre of everything, through our people, with the most accessible loved brands.

Tiger Brands is a leading South African fast-moving consumer goods (FMCG) company with over a century of heritage, a portfolio of iconic brands, and a strategic plan geared for sustainable growth. The company presents a compelling investment opportunity underpinned by strong brand equity, market leadership, disciplined execution, and clear growth levers.

Tiger Brands' investment thesis
Leading listed African consumer player

The ability to drive growth and operational efficiencies in South Africa, realise commensurate returns with our key distributor model outside of South Africa, and execute disciplined capital allocation, are how we drive long-term value. Economies of scale provide a competitive advantage.

Simplified portfolio with 16 market-leading focus brands

Our brands constitute ~30% of the South African shopping basket across channels, through formal retail, wholesale, independent and general trade markets. We have the largest and most diversified collection of leading brands in South Africa.

Federated, agile operating model

Structural investments are underway to maintain market leadership and drive sustainable growth and profitability post the turnaround phase.

Delivering shareholder value

Strong cash generation and dividend profile throughout the cycle with market leading shareholder returns over the past two years and current initiatives supporting momentum.

Platform well-positioned for growth

Entrenched capital allocation framework at the centre of maximising shareholder value. Balance sheet strength provides capital allocation optionality to target accretive organic and inorganic opportunities.

Growth strategy and operational perfromance

We are powering growth through three impactful platforms. Affordability. Health and nutrition. Snackifcation. This helps us lead and keeps us relevant in the market.

SWIFT EXECUTION AGAINST OUR STRATEGIC AMBITIONS

Our strategy for sustainable profitable growth is driven by our five strategic thrusts and our enablers,
underpinned by our winning behaviours and core values.

STRATEGIC AMBITIONS

Achieve
revenue growth
ahead of inflation

Unlock value to
achieve double-digit
EBIT margin

Focus portfolio in
categories and focus
brands

Improve balance sheet
returns to achieve
target ROIC

Grow ahead
of the market

Become the
employer of choice
for the best talent
with the highest level
of engagement

STRATEGIC THRUSTS

Shaping our
portfolio of the
future

Cost
leadership

Rejuvenate
our brands

Executing growth
platforms

Superior channel
presence

ENABLED BY

Ignite our people

Federated
operating model

Game-changing
innovation

Competitive digital
capabilities

Competitive
manufacturing

Sustainable
agricultural sourcing

Our strategy is underpinned by our values, winning culture and behaviours.

Our values
  • We treat each other with care and respect
  • We deliver with passion and excellence
  • Safety and quality are non-negotiable for us
  • We embrace diversity and inclusivity
  • We act with integrity and accountability in all we do
Our winning culture
  • We are One Team Tiger
  • We leverage our strength, agility and brands to nourish and nurture more lives every day
  • We create a great place for our diverse people to thrive, grow and innovate
  • Our passion for excellence and relentless focus on quality make us our consumers’ number one choice
  • Our drive for success and flawless execution, delivers winning performance, every time
  • We celebrate our victories together
Our winning behaviours

Consumer obsession: I have my ear to the ground. I make it my business to ensure that everything I do contributes to nourishing and nurturing more consumer lives every day.

Teamwork: I embrace every opportunity to collaborate, learn and celebrate the people I work with, in order to achieve a common goal.

Empowered accountability: I am supported and resourced to deliver on commitments. I take ownership of my contribution to our winning performance.

Focused execution: I make bold choices on executing fewer actions that will move the performance needle. I do it right first time, every time.

Our footprint

Tiger Brands employs a capital light, distributor model exporting to 22 countries, predominantly in Africa.

Total of

34

manufacturing plants in
South Africa

and export to

22

markets in Africa

Roughly

12.5%

in export sales

1 Export sales includes sales outside of Africa

South African manufacturing units

Click on each province for operational sites

  • Milling and Baking
  • Grains
  • Culinary
  • Snacks, Treats and Beverages
  • Home and Personal Care (HPC)

Note: Not all sites are shown individually

Our strengths

Brand heritage and strong market share

Attractive product portfolio

With top-tier rankings across core categories, Tiger Brands commands
one of the largest value shares in South Africa’s grocery basket.


% value share 2025

Tiger defined basket 32.8
Bakery 26.1
Grains 31.9
Culinary 45.2
Sweets, Treats and Beverages 33.8
Home and Personal Care 19.7

% volume share 2025

Tiger defined basket 36.5
Bakery 27.7
Grains 36.6
Culinary 46.5
Sweets, Treats and Beverages 44.8
Home and Personal Care 17.0

Above market share is 12 months moving based on Tiger defined basket (Circana)

Capitalising on our differentiated strengths

Resilient, purpose-led and performance-driven — building future-fit growth in a dynamic world.


Attractive portfolio
#1 or #2

in most food categories

Leading brands across every meal occasion — from staples to snacks.

Powerful, trusted brands
30%

share of SA’s grocery basket

Iconic names like Jungle, Koo, All Gold, Oros, and Albany trusted for generations.

Return on invested capital
20.4%

Our capital allocation model informs our financial analysis, identifying categories which reached our return on invested capital hurdle rates within our strategic period.

Expansive footprint
22

African markets

Deep local presence with growing general trade access and exports.

Inclusive, empowered culture
5

autonomous business units with accountable MDs

A transformed leadership model driving performance and agility.

Digitally enabled growth
100 000+

general trade stores reached

We are continuing to pursue various initiatives to expand our reach in general trade.

The brands South Africa grows up with

We have leading positions in most categories and our iconic brands - from Koo to Jungle, Oros to All Gold are well-entrenched, trusted and found in 88% of South African household. A legacy of quality, deeply woven into daily life.


1 of 3
Segmental overview

As at 30 September 2024

Leading the market with brands that matter

Milling and Baking
Milling and Baking
R8.6billion
Revenue
5.3% 2024: R8.2 billion
R761million
Operating income
26.8% 2024: R600 million
8.8%
Operating margin
150bps 2024: 7.3%

Albany

During the period 1970 to 1980, Tiger Oats and National Milling Co acquired 36 bakeries to form Albany Bakeries.

Grains
R7.1billion
Revenue
1.1% 2024: R7.0 billion
R736million
Operating income
236% 2024: R219 million
10.4%
Operating margin
730bps 2024: 3.1%

Jungle

Since 1920, Jungle has fuelled our rainbow nation on a journey to greatness with natural goodness of wholesome, wholegrain rolled oats.

Culinary
R10.2billion
Revenue
3.1% 2024: R9.8 billion
R1.1billion
Operating income
11.4% 2024: R0.96 billion
10.5%
Operating margin
80bps 2024: 9.7%

KOO

For over 80 years, KOO has been a trusted partner across millions of homes in South Africa. From memorable get togethers, hearty meals at funerals, plates brimming with pride at weddings or every day meal moments, KOO is a star feature.

Snack, Treats and Beverages
R6.0billion
Revenue
3.1% 2024: R5.8 billion
R820million
Operating income
13.7% 2024: R721 million
13.7%
Operating margin
130bps 2024: 12.4%

Energade

Launched in 1993 as South Africa’s first sports drink, Energade was created to improve physical performance through hydration, and has become a beloved household name.

Home and Personal Care
R2.6billion
Revenue
3.8% 2024: R2.7 billion
R526million
Operating income
5.9% 2024: R559 million
20.4%
Operating margin
50bps 2024: 20.9%

INGRAM'S

Formulated in South Africa in 1937, Ingram’s Camphor Cream was initially created to treat dry, chapped hands. The Ingram’s brand has since evolved to represent moisture and bringing out the natural glow of African skin.

Strategic integration of sustainability

We continue to strengthen our management approach and practices to support ongoing sustainability integration across the business. The emphasis remains on establishing strong foundations that enable us to deliver on our long-term targets, uphold ethical conduct and meet compliance requirements.

Health and Nutrition

Enable consumers to improve their health and wellbeing by providing affordable good nutrition

2030 targets
  • 65% of food portfolio to meet our Eat Well Live Well nutritional standards for healthier product categories (excluding Snacks and Treats)
Enhanced Livelihoods

Improve the livelihoods of thousands of people by providing opportunities for inclusive participation across our value chain

2030 targets
  • Invest in 20 community enterprises
  • Support 1 000 black-owned enterprises
  • Create 4 000 jobs
  • ESD fund of R400 million through partnerships
  • 50% of our total local procurement spend towards black or black women-owned enterprises
  • 100% of products ethically sourced
  • 50% female workforce representation
  • 80% African, coloured, or Indian representation across all management levels
Environmental Stewardship

Significantly reduce our environmental impact through innovative solutions

2030 targets
  • 30% reduction in energy intensity (kWh/tonne) across all sites from a 2019 baseline
  • 65% of all electrical energy at manufacturing sites from renewable energy solutions
  • 30% reduction in water intensity (kl/tonne) across all sites from a 2019 baseline
  • Achieve water intensity figure of 1.12 kl/tonne
  • 45% reduction in scope 1 and 2 emissions
  • Net-zero carbon emissions by 2050
  • Zero waste to landfill at all sites
  • 50% reduction in production food waste from a 2022 baseline
  • 80% of plastic packaging recyclable/compostable
  • 25% recycled content in PET packaging
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