JOHANNESBURG - South African food producer Tiger ​Brands reported a ⁠marginal rise in half-yearly earnings on Monday and warned of targeted ‌price hikes to mitigate the impact of supply-chain risks from geopolitical uncertainty including the Iran ​war.

The maker of All Gold ketchup and Jungle Oats said the consumer environment remained ​highly competitive ​in the first half of the year, with shoppers prioritising affordability.

Its headline earnings per share from continuing operations, a key profit measure in ⁠South Africa, rose by 0.6% to 9.80 rand in the six months ended March 31, up from a restated 9.74 rand a year earlier.

Revenue increased 1.3% to 17.9 billion rand ($1.10 billion), primarily driven by volume growth of ​2.6% and ‌price decrease ⁠of 1.3%.

On a like-for-like ⁠basis, excluding the impact of discontinued products and disposed businesses, normalised volume growth was 4.5%.

Tiger ​Brands said its gross margin increased to 32.1%, ‌up from 29.8%, driven by favourable raw material ⁠costs in key categories, as well as improvement initiatives, including "factory efficiencies" and price savings on recipes and packaging.

Group operating income rose 26.1% to 2.1 billion rand, supported by gross margin gains and additional savings on logistics, which the company said were ahead of expectations.

Looking ahead, Tiger Brands warned that the ripple effects of geopolitical uncertainty, including the Iran war, are likely to be felt more in the second half of the ‌2026 financial year, affecting both supply chains and consumer disposable ⁠income.

However, the company said it is confident that ​it can mitigate potential supply risks by addressing the resultant inflationary pressure through additional improvement initiatives and targeted price increases aimed at limiting the impact on profitability.

The ​manufacturer declared an ‌interim dividend of 430 cents per share, up 3.6%.

($1 = ⁠16.2152 rand)