• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us

For all official information and updates regarding COVID-19, visit the South African Department of Health's website at www.sacoronavirus.co.za

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION
Home Business

Tiger Brands says loss of stock due to looting is estimated at more than R150 million

15 July 2021, 11:51 PM  |
SABC Radio SABC Radio |  @SABCNews
According to Tiger Brands the loss of profit due to business interruption is still being quantified.

According to Tiger Brands the loss of profit due to business interruption is still being quantified.

Image: Reuters

According to Tiger Brands the loss of profit due to business interruption is still being quantified.

South Africa’s largest food manufacturer Tiger Brands says the loss of stock due to looting is estimated at more than R150 million.

The company says vandalism resulted in damage to their rice and snacks operations in KwaZulu-Natal.

The company put out the JSE Sens announcement, stating that the extent of damage to property and infrastructure is still to be determined.

According to Tiger Brands the loss of profit due to business interruption is still being quantified.

It says security of supply to consumers is subject to the re-opening of key transport routes and access to the operations of their retail and wholesale partners.

Meanwhile, ratings agency Fitch says the current social riots will not have a significant impact on the local economy.

Speaking to SABC News , Fitch’s Senior Director, Jan Frederich, says it’s unlikely that the country’s sovereign rating could falling deeper into junk due to the riots that have been largely characterised by the looting of shopping malls.

But he has acknowledged that violence highlight risks to social and political stability and could affect fiscal policy.

“What we assume for now is these protests will be contained in time and will not last. The overall impact on fiscal revenue will be small, in terms of the immediate impact on public finances that’s likely to be well contained not something that we would think of taking a rating action on.”

Share article
Previous Post

Families of Life Esidimeni patients hope inquest will lead to criminal prosecutions

Next Post

‘SA working to keep its borders with the rest of Africa open’ – Pandor

Related Posts

Rising fuel prices will affect the economy and consumers

South Africans to feel the pinch as fuel prices and inflation rise

28 May 2022, 5:05 PM
Transnet logo with a train in the background.

National Prosecuting Authority warns of more arrests at Transnet

28 May 2022, 8:30 AM
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, November 20, 2012.

Glencore closes cash desks in London, Switzerland known to dispense bribe money

28 May 2022, 8:04 AM
A woman shops in a supermarket.

U.S. economy kicks off second quarter on strong note; rise in inflation slowing

28 May 2022, 4:14 AM
Representatives of Ex-Mine workers at Summit

Mine workers lament claim process for compensation when injured on duty

27 May 2022, 9:39 PM
Damage caused by the recent floods in KZN

Sugar cane farmers in KZN still reeling from recent floods

27 May 2022, 4:47 PM
Next Post
Pandor noted that South Africa's main trading partners are in Africa and its therefore crucial to keep all trade routes open and operational.

'SA working to keep its borders with the rest of Africa open' - Pandor

Most Viewed

  • 24hrs
  • Week
  • Month
  • EMS says fire at Bree Street Taxi Rank in Johannesburg has been extinguished
  • The public has until 18 May to make submissions on Icasa’s regulations for extension of expiry period for data, airtime
  • ANC NEC expected to hold a special meeting on Sunday
  • Eastern Cape flood victims plead for support as access to food, services remains difficult
  • Amathole Regional Secretary elated to have corruption charges against him dropped
  • Caster Semenya offered to show her body to officials to prove she was female
  • Several roads affected due to flooding in parts of KZN
  • Three Heidelberg brothers die after allegedly consuming energy drink given by their father
  • Gunman kills 18 children, 3 adults in Texas elementary school – Officials
  • Tributes pour in for SA actor Jamie Bartlett
  • SA may be home to world’s oldest person
  • Cosatu’s May Day celebrations descended into chaos, proceedings halted
  • Suspect arrested in connection with Hillary Gardee’s murder
  • [WARNING: GRAPHIC CONTENT] Nigerian student beaten, burned to death over ‘blasphemous’ text messages
  • Meyiwa family breaks silence over Advocate Teffo’s arrest

LATEST

  • World

UN rights chief says she urged China to review counter-terrorism policies


Francis will spend four days in the Democratic Republic of Congo, visiting the capital Kinshasa and Goma
  • Africa

Pope’s July visit to Africa to go ahead despite health issues


Arrest graphic
  • South Africa

Two suspects arrested after Giyani shootout


The DA in collaboration with leading Afrikaans artists present a historic protest concert in Paarl against a plan to remove Afrikaans from the Taal Monument.
  • Lifestyle

DA marches in Paarl in a bid to preserve Afrikaans Language Monument


[File photo] Man seen looking after crop.
  • South Africa

More needs to be done to improve working conditions of farmworkers: Committee


Greek Stefanos Tsitsipas thrashed Sweden's Mikael Ymer
  • Sport

Tsitsipas hammers Ymer to cruise into fourth round in Paris


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2022

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION

© 2022

Previous Families of Life Esidimeni patients hope inquest will lead to criminal prosecutions
Next ‘SA working to keep its borders with the rest of Africa open’ – Pandor