Business and Technology

RCL Foods loses revenue

RCL Foods, which owns Rainbow Chicken and Selati sugar has reported a whopping 65.4 percent drop in annual headline earnings. It blames this on the COVID-19 pandemic and subsequent lockdown.

The food producer reported a loss of over R900-million for the year to end-June. This is from a previous loss of R183.9-million.

Rainbow Chicken and Selati sugar

 

RCL’s chicken business faced significant challenges because fast-food restaurants were closed during the lockdown.

The company says its pet food division is growing through online sales. Despite the losses, the company is still giving back to shareholders, declaring a final gross cash dividend of 10 cents.

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Source: businesslive