Cape Times (Digital)

Cape Times (Digital)

1 Issue, 2024-09-03

Rainbow achieves sharp turnaround to profit in its 2024 financial year after listing in July

RAINBOW Chicken, which listed on the JSE in July, reported a big financial turnaround in the year to June 30 with earnings before interest, tax, depreciation and amortisation (Ebitda) at R629.7 million versus only R29.8m the year before. Its financial results were still included as discontinued operations in the results of its parent RCL Foods. Rainbow’s reported profit surged to R169.6m profit versus a R299.9m loss the year before. “The turnaround at Rainbow is now well advanced, with every component of the process yielding positive results. At the core of the transformation is the aim to farm as efficiently and as cost-effectively as possible, with support from a change in breed,” RCL’s directors said in the results. The 7.9% increase in revenue to R14.53 billion was largely attributable…
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Cape Times (Digital) - 1 Issue, 2024-09-03

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