COMPANIES: What Tiger Brands’ solid performance doesn’t say: jobs at risk, listeriosis unresolved

Who knew that selling oats as something other than warm porridge would drive spectacular growth? But in fixing the issues that plagued the 2025 annual results, Tiger Brands has found efficiencies that put finance jobs at risk in 2026.

Let’s get the lingering listeriosis issue out of the way. “We remain committed to close this and settle this case in the appropriate manner. However, without the data, we don’t know the extent of Tiger’s involvement. We don’t know how many people have suffered ... [and to what] ... extent ... and that data is so crucial to take this legally forward in the right direction.”

That was what Tiger Brands’ chief financial officer, Thushen Govender, said in response to Daily Maverick questions around the potential class action lawsuit following the 2018 listeriosis outbreak demons that may be haunting the interim financial results balance sheet. Tiger Brands settled, sold off the Enterprise business, and the matter is in the realm of the insurer (QBE).

“And we [have] certainly given it our best, working with the claimants’ attorney, working with our lead insurer’s attorneys ... to bring this to a close sooner rather than later. But across all of these instances, we’ve assessed the potential liability, and we certainly believe that we [are] adequately insured for this.”

The only impairment on the current balance sheet is from the Beacon sale. However, management expects the R92-million loss on property and equipment to be countered by profits from the slabs and Easter egg business, projecting a net positive result by year-end. Tiger Brands is keeping the TV Bar, Nosh, Wonder Bar, Black Cat chocolate, Jelly Tots chocolate and Jungle Energy Bar, though.

We asked the obvious question: how valuable is the Beacon chocolate business after being stripped of its high-profit snacks (which also benefit from the cereals supply chain)?

Govender acknowledged that while Beacon is a great brand with market-leading Easter eggs and the number three market share in chocolate slabs, the portfolio simply “does not sit well in the hands of Tiger”. He explained that for Tiger Brands, which has a diverse portfolio, the Beacon business was a “distraction relative to the return and the scale it brought to Tiger”.

However, he defended the sale as a positive move for the brand itself:

When asked if the transfer was the best deal for the workers, Govender clarified that the transaction is not a sale of a going concern. Tiger Brands is only selling the brand and the equipment.

However, he confirmed that the undisclosed purchaser will not maintain manu