Mbabane – RFG Holdings has delivered a resilient performance in the Southern African region for the six months ending March 2025, with Eswatini playing a key role in its growth story. The company reported continued gains in both revenue and market confidence, despite the broader economic challenges affecting the food production and distribution sectors.

The Western Cape-based company, known for its range of canned foods, ready meals, and long-life products under the Rhodes brand, highlighted Eswatini as a key market contributing to its solid performance in the region.

Growth Amidst Pressure

While overall regional demand remained under strain due to economic headwinds and elevated interest rates, RFG’s operating profit grew 20.9% to R316.5 million. Revenue increased by 5.2% to R3.8 billion, driven in part by a 6.2% rise in regional sales.

Headline earnings rose by 11.9%, despite pressures from inflation, high food input costs, and weakening consumer confidence.

“Eswatini continues to be a strategically important market,” said RFG Eswatini General Manager Zakhele Lukhele at a recent investment event. “We’ve seen encouraging performance from our local partners and increasing customer loyalty for our products.”

Key Drivers of Performance

Strong performance from long-life food and regional export businesses.
Canned meats, vegetables, fruit products, and jams performed well.
Production volumes grew by 2.7%, supported by price inflation and a favourable product mix.

However, fresh foods, particularly ready meals and pies, saw a 5.3% volume decline, reflecting pressure on consumer spending.

Innovation and Outlook

CEO Pieter Hanekom emphasized that the company’s innovation strategy is helping to safeguard market position. This includes investments in product quality, packaging, and new product development. He confirmed that the company would continue expanding in existing markets while exploring opportunities in new territories.

As part of this strategy, RFG has bolstered partnerships with retail chains across the region, including in Eswatini, where it has seen success with its Rhodes, Bull Brand, and Magpie brands.

“Despite the macroeconomic environment, we remain confident in our strategy and long-term outlook,” Hanekom said. “Our focus is on disciplined execution, cost efficiency, and building sustainable partnerships.”

RFG’s performance sets the tone for continued regional strength, with Eswatini emerging as one of the cornerstone markets in the group’s broader African strategy.