ASTRAL FOODS LIMITED

"Astral Foods" or "the Group"

(Reg. No. 1978/003194/06)

(Incorporated in the Republic of South Africa) Share Code: ARL

ISIN Code: ZAE000029757

TRADING STATEMENT

The general trading update published on SENS on 2 February 2022, indicated expected increases in earnings per share and headline earnings per share for the six months ended 31 March 2022 of at least 100% higher than the previous comparable six months ended 31 March 2021. Shareholders are now advised that a reasonable degree of certainty exists that for the six months ended 31 March 2022:

  • • Earnings per share is expected to increase between 140% (829 cents per share) and 150% (888 cents per share) compared to the previous comparable period. This implies that earnings per share is expected to be between 1 421 and 1 480 cents per share (31 March 2021:592 cents per share); and

  • • Headline earnings per share is expected to increase between 130% (776 cents per share) and 140% (836 cents per share) compared to the previous comparable period. This implies that headline earnings per share is expected to be between 1 373 cents and 1 433 cents per share (31 March 2021: 597 cents per share).

The above earnings growth is measured against a low base impacted by COVID-19 related lockdowns adversely affecting the South African economy. At the time, Astral Foods' poultry operations could not recover the then significant increases in feed costs through the selling price of poultry products.

During the six months period ended 31 March 2022 the improved earnings were achieved mainly through:

  • • increased poultry salesvolumes,asa result ofsignificant capital investments made to increase Astral Foods' poultry production and processing capacity, resulting in improved economies of scale benefits throughout the Group's integrated value chain; and

  • • improved poultry margins, supported by efficiency improvements through the broiler value chain as well

as the partial recoupment of higher feed raw materials and energy input costs.

The financial information on which this trading statement is based has not been reviewed or reported on by Astral Foods' auditor.

It is expected that the results for the six months ended 31 March 2022 will be published on SENS on or about Monday,

16 May 2022.

Pretoria

25 April 2022

Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited

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Astral Foods Limited published this content on 25 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2022 06:28:07 UTC.