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Stock impact report

South Africa's AVI half-year profit rises 17.4% [Reuters]

BIDVEST GRP LTD S/ADR (BDVSY) 
NASDAQ:AMEX Investor Relations: bidvest.co.za/investor-presentations.php
Company Research Source: Reuters
Consumer goods producers globally have lifted prices to cope with surging costs for almost all raw materials, energy and packaging after Russia's invasion of Ukraine compounded pandemic-related supply chain logjams. However, they face a challenge in how much they can raise prices without sacrificing volumes as increasingly cost-conscious consumers rein in spending. In addition, crippling rolling power cuts added direct costs of 21.1 million rand ($1.11 million) in the reporting period, the maker of Five Roses tea and Bakers biscuits said. Its shares were up 0.3% in early trade. AVI said headline earnings per share (HEPS) for the six-months ended Dec. 31 rose to 374.3 cents from 318.9 cents. Group revenue grew by 7.1% to 8.3 billion rand, benefiting from improved sales volumes and higher selling prices in its tea and coffee, snacks, and fashion businesses. Price increases, cost controls and foreign exchange hedging protected its margins, the group added. I&J, the group's Show less Read more
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