AVI Limited, a Sandton-based food and beverage firm run by South African CEO Simon Crutchley, has reported strong financial results for the first half of the fiscal year 2024. The company’s half-year headline earnings increased to $65 million, cementing its status as one of South Africa’s most lucrative companies.
AVI Limited’s interim financial results show a significant 17.4 percent growth in headline earnings, reaching R1.24 billion ($65.22 million) for the six months ended December 31, 2023.
This is mostly due to increased profitability caused by higher selling prices, improved industrial efficiencies, and stringent cost control procedures. The company’s operating profit increased significantly, aided by a smaller growth in working capital, so enhancing its financial performance.
AVI Limited reported a 7.1% growth in revenue during the same time previous year, rising from R7.82 billion ($412.1 million) to R8.38 billion ($441.4 million). Revenue growth in numerous areas, including Entyce and Snackworks, was driven by increased sales volumes and selling prices. However, the I&J segment struggled with a 5% decrease in revenue due to operational concerns.
Simon Crutchley, CEO of AVI Limited since 2005, has been instrumental in guiding the company to long-term growth and success. Crutchley’s 0.25 percent ownership in AVI Limited, consisting of 840,201 ordinary shares valued at R73.92 million ($3.89 million), illustrates his steadfast commitment to the company’s future success.
The solid fiscal performance of AVI Limited in the first half of 2024 demonstrates the company’s resilience and strategic focus in the face of changing market challenges. With a focus on innovation, operational efficiency, and shareholder value, the company is well-positioned for future growth and success in the competitive South African market and beyond.
In view of the company’s strong financial achievements, the board of AVI Limited declared an interim ordinary dividend of R2.02 ($0.107) per share, which is consistent with the group’s headline earnings. AVI Limited, which trades on the Johannesburg Stock Exchange, has a wide portfolio of over 50 brands in beverages, snacks, frozen foods, personal care, cosmetics, and fashion.
