JSE-listed Premier Group closed its 2026 financial year with record profits, a landmark acquisition, and a brand-new bakery. Full-year results for the year ended 31 March 2026 reflect earnings growth across every measure:
- Revenue up 6.6% to R21.2 billion
- Ebitda up 18.2% to R2.8 billion, margin improving to 13.1%
- Operating profit up 23.2% to R2.4 billion
- Net profit up 29.3% to R1.6 billion
- EPS up 27.4% to 1,192 cents; HEPS up 27.7% to 1,204 cents
- Cash generated from operations up 39.5% to R3.3 billion
Premier Group CEO Kobus Gertenbach says, “It’s the quality of these earnings that gives us the most confidence. Everything is driven by volume growth and operational efficiency rather than price. This really does speak to the underlying strength of our business model.”
The engine behind those numbers remains Millbake, Premier’s bread, maize and flour division, which accounts for 81% of group revenue. A collapse in white maize prices (down 31% since March 2025) drove a surge in consumer demand, with savings passed onto consumers already under pressure. Meanwhile, Premier’s bread brand equity score climbed by 10 percentage points over three years, a number that speaks to years of quiet, consistent investment.
2026 saw the commissioning of the Aeroton bakery in the second half of the year, with both baking lines running by March 2026.This three-year landmark capital project significantly enhances Premier’s bread-making capability in the inland region.
The Groceries and International division had a more mixed year, though headline numbers were strong. Sugar Confectionery performed well, elevated by a strong Easter and new Woolworths products. Personal Care faced headwinds in both South Africa and the UK, where shifts in consumer behaviour impacted the core tampon segment. Gertenbach says this was offset through new channels and export markets.
Premier’s acquisition of RFG Holdings Limited, completed at a value of R6.5 billion, brought Rhodes Quality, Bull Brand, , Hinds, Pakco, Mama’s Pies and other brands into the Premier fold, alongside an extensive private label range. Premier now operates 52 brands across 44 sites and employs approximately 15,500 people. The acquisition closed in March 2026, so RFG made an immaterial contribution to Premier’s strong 2026 performance and is expected to contribute meaningfully toward profits going forward.
“This acquisition is a defining moment in Premier’s two-century history,” says Gertenbach. “We have built a broader, stronger platform with complementary brands, greater scale and a significantly enlarged manufacturing footprint.”
A final gross dividend of 182 cents per share was declared, bringing the total for the year to 341 cents, up from 271 cents in 2025.
For Premier, Gertenbach says the 2027 financial year will be defined by integration. The Groceries division, now housing Culinary, is expected to grow to approximately one third of group earnings as the expansion unfolds. Input cost pressures will require portfolio price increases of around 5%, and the Aeroton bakery has more to give.
Beyond the balance sheet, Premier donated product valued at R54 million during the year (equivalent to 29 million nutritional meals) alongside over 840,000 menstrual hygiene products, which were distributed to communities in need.
Gertenbach says Premier enters the new year with confidence. “We’re a more capable business. The fundamentals are sound, the strategy is clear and our people have proven their ability to get us where we want to go. As a group, we continue to grow together. That includes our employees, consumers, customers, and shareholders. The journey is not walked alone, and benefits us all,” Gertenbach concludes.