PepsiCo sees strong annual profit as snacks, sodas thrive in pandemic

  INTERNATIONAL – PepsiCo forecast full-year profit above market expectations on Thursday after a rebound in soda sales and increased demand for the company’s snacks during the Covid-19 crisis helped drive quarterly sales higher. The packaged food company beat revenue and profit estimates for the third quarter, sending its shares up 2 percent in premarket trading. People spending more time working from home and taking online classes has led to a rise in demand for salty snacks, boosting demand for PepsiCo’s Tostitos, Cheetos and Doritos from households across North America.…

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SA Food Loss and Waste Voluntary Agreement launched

  The agreement commits CGCSA food manufacturing and retail members to implement measures to minimise and reduce food waste in the country. Devdiscourse News Desk | Pretoria | Updated: 30-09-2020 15:00 IST | Created: 30-09-2020 15:00 IST CGCSA Food Safety Initiative Executive Matlou Setati said the current estimates show that about 10 million tonnes of local agricultural produce in South Africa is wasted each year. Image Credit: ANI The Consumer Goods Council of South Africa (CGCSA) has launched the South African Food Loss and Waste Voluntary Agreement, which commits food manufacturers and retailers to reduce food…

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NESTLE TO HELP DEVELOP DAIRY ALTERNATIVES

  In addition to testing sustainable dairy products, the group plans to encourage work on plant-based dairy alternatives, it added. Picture: Pixabay.com BERN – Swiss food giant Nestle, which has made billions with dairy products, said Monday it will host start-ups that want to develop vegetarian alternatives. Nestle could thus find itself at the forefront of a sector that has strong growth potential, an analyst commented. It plans to open its research and development (R&D) centre in Konolfingen, Switzerland to “start-ups, students and scientists” a statement said. In addition to…

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July hotel, food and beverage data highlight lockdown’s mounting economic costs

  The third quarter of 2020 began on 1 July and data show some sectors picking up pace after the hard lockdown to contain the Covid-19 pandemic and the second quarter’s annualised 51% contraction. But things remained bleak on the hotel accommodation and food and beverage front. Statistics South Africa (Stats SA) released two data sets for July on Monday 21 September that underscored the costs of lockdown to sectors that remained in effect shut down even as other parts of the economy were rebooting. “Measured in nominal terms (current…

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COVID-19 has hit SMEs in South Africa’s food sector hard. What can be done to help them

  COVID-19 has prompted widespread discussion of the resilience of food systems and how efficiency and competitiveness have been previously understood. Recent decades have seen the growth of increasingly complex food value chains. These are underpinned by just-in-time delivery systems, a growing share of food products sold through supermarkets, and increasing concentration of ownership among powerful, large food manufacturers. The pandemic has further emphasised the need for a more diverse and inclusive food system, in which small and medium sized enterprises (SMEs) play a key role. As part of a larger…

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Supply chain disruptions take toll on Sea Harvest

Sea Harvest reported a 4 percent slump in profits for the six months to the end of June as Covid-19 supply chain constraints hit its operations. The group said its profit after tax for the period decreased to R155 million, while headline earnings remained constant at R170m, from R169m during the comparative period last year. It said earnings per share and headline earnings per share remained constant at 61 cents a share from 61.1c a share. Group revenue for the period increased 7 percent to R2 billion. No interim dividend was declared. As a result…

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Restaurant closures hit RCL’s chicken business

  When it comes to fast-food, South Africans have a strong preference for a chicken in a bucket. So, it comes as no surprise that the Covid-19-induced lockdown hurt everyone involved in supplying legs, breast and thighs to the local drive-through. RCL Foods – owner of Rainbow Chicken, Ouma Rusks and Selati Sugar – for example, was hit hard by fast-food operations being forced to close shop. This contributed to a 65.4% decline in headline earnings to R114.2 million for the year to end-June. Read: RCL Foods reports 65% profit drop…

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Not so fast, Tiger Brands

BUSINESS MAVERICK By Ray Mahlaka Tiger Brands, Africa’s biggest packaged-food company, plans to sell its businesses sullied by the listeriosis outbreak. Tiger Brands said any potential liability (or monetary settlement) under the ongoing class-action lawsuit – launched by human rights attorney Richard Spoor on behalf of the families of listeriosis victims – will not transfer to the new owners of the meat processing businesses. The sale of Tiger Brands’ businesses that fall under its meat processing division, which was a major source of SA’s listeriosis outbreak nearly four years ago,…

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Unfit for human consumption’: Canned pilchards products recalled by manufacturer

  The manufacturing company explained that there might be a ‘canning deficiency’ and there is a possibility that some customers might have bought an affected tin. West Point Processors announced on Saturday that customers who bought pilchards in tomato sauce 400g tins recently must be returned for a refund due to the canned product being “unfit for human consumption”. “Because consumer safety is our top priority, we wish to recall some pilchards in tomato sauce products,” the company said in a statement. The manufacturing company explained that there might be…

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Rand-Air temporary generator hire a ‘power of good’ for mining companies

Many South Africans have recently experienced the frustration of mains power outages. While for the private citizen, the lack of electricity for an extended period is an inconvenience, for companies such as mining operations the consequences are much more serious. In renting generators to mines, there are two aspects to consider. First of all, there is the rental of ad hoc temporary power and secondly, and possibly more crucial, is the rental generators for mine plant shutdowns. Mining companies, in particular, with the vast sums of capital often invested in…

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