S.Africa's Famous Brands H1 profit up 14 pct on resilient fast-food demand - CNBC Africa

S.Africa's Famous Brands H1 profit up 14 pct on resilient fast-food demand

Southern Africa

by Reuters 0

South Africa's biggest fast-food restaurant chain Famous Brands said on Thursday half-year profit rose 14 percent. PHOTO: Wikimedia

South Africa's biggest fast-food restaurant chain Famous Brands said on Thursday half-year profit rose 14 percent as consumers opted to eat out despite economic and household financial pressure.

The company, which owns chains such as Debonairs Pizza and Mugg & Bean, said in a statement headline earnings per share totalled 241 cents from 212 cents last year.

Africa's pool of consumers with disposable income is expanding thanks to a decade of relative political stability and economic growth.

The company said "eating out has become part of the fabric of the social lives of the majority of middle-income and high-income", despite consumers being short on cash as growth in many industries stalled.

Famous Brands raised its interim dividend by 23 percent to 190 cents per share.

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