Premier has reported record earnings after a year that included the acquisition of RFG Holdings, with the group saying that the transaction has added new brands and expanded its grocery offering. The food producer, rival to Tiger Brands, completed the R6.5bn acquisition of RFG in March, with RFG’s results included from March 11. Premier said the acquisition added a collection of brands and private label products to its portfolio, including Rhodes Quality, Bull Brand, Hinds, Pakco and Mama’s Pies. The group now has 52 brands across 44 sites and employs about 15,500 people, it said. The group’s revenue increased 6.6% to R21.2bn for the year ended March, primarily driven by 5.1% revenue growth in the Millbake division, which comprises 81% of revenue. Revenue in the Groceries and International division increased 13.5% to R3.9bn, assisted by the contribution of RFG’s financial results.Earnings before interest, tax, depreciation and amortisation (ebitda) increased 18.2% to R2.8bn and the group’s ebitda margin improved 130 basis points to 13.1%.Operating profit increased by 23.2% to R2.4bn and HEPSe increased 27.7% to 1,204c. “It’s the quality of these earnings that give 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,” said CEO Kobus Gertenbach. Premier said the combined business enters the next financial year focused on completing the RFG integration and unlocking expected synergies. It expects groceries to account for around one-third of group ebitda, with Millbake making up the remaining two-thirds.“The post-acquisition integration is well under way, and we remain confident of delivering the expected cost savings and synergies,” the company said.The group said growth was supported by volume increases in its core business, particularly in Millbake, which includes bread and milling operations. Millbake’s revenue rose 5.1% to R17.3bn, while Ebitda increased 18.3% to R2.7bn.Premier said lower maize prices supported volumes, with the white maize spot price declining 31% since March 2025.The group also highlighted investment in manufacturing capacity, including its Aeroton bakery, which became operational during the year. The bakery is expected to replace capacity from three older bakeries in the inland region.“The commissioning of the Aeroton bakery will alleviate bread capacity constraints in the inland region,” it said.Premier declared a final dividend of 182c per share, bringing the total dividend for the year to 341c per share, compared with 271c per share reported in the previous trading year.The group said rising fuel, packaging and other input costs could require price increases of about 5%. Premier also expects the focus in the 2027 financial year to remain on integration, cost savings and reducing debt.Cash generated from operations improved to R3.3bn, while net debt, including RFG’s debt, stood at R2.2bn. The group’s leverage ratio was 0.8 times.