RFG Holdings, a South African food canner, states that its sales grew in 2022, due in part to higher shipments of its canned fruits.
The creator of the Rhodes and Hinds brands attributed the 22% year-over-year increase to strong demand from international markets. In the year ending in September, sales totaled ZAR7.3 billion (US$429.6 million), and profits jumped 57% to ZAR361 million.
“As a result of the group’s performance over the last year, it has achieved encouraging progress toward its medium-term financial goals,” stated CEO Pieter Hanekom.
In spite of “the limited consumer spending environment” brought on by rising worldwide prices, RFG stated that it had performed successfully.
The increase in shelf-stable product sales in Africa was offset by a fall in canned meat and vegetables.
A 7% depreciation of the rand aided the growth of overseas sales to ZAR118 million. The failure of the peach crop in Greece, the world’s largest producer of the canned fruit, aided growth outside of Africa by increasing the number of canned peach shipments to meet growing demand.
Better international pricing and an anticipated recovery in sales of canned vegetables, meat, and pies are likely to contribute to ongoing growth in the coming year, boosted by a predicted decline in inflation. RFG predicts that canned fruit sales will decrease as a result of the recovery of the Greek peach harvest.