Tongaat Hulett Limited (JSE:TON)

JG Hudson
Market Cap (AUD): 371.56M
Sector: Consumer Goods
Last Trade (AUD): 2.7 -0.05 (-1.82%)
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1. About

Tongaat Hulett Limited (JSE:TON) is an agriculture and agri-processing business, focusing on the complementary feedstocks of sugarcane and maize. Through the group's sugar and starch operations, it produces a range of refined sugarcane and maize based carbohydrate products, with many interchangeable products.

The group's ongoing agriculture activities mean it has a substantial land portfolio within the primary growth corridors of KwaZulu-Natal, with strong policy support for conversion at the appropriate time.

In partnering with key stakeholders, the group has created mutually beneficial relationships for its shareholders, governments, private farmers and their representative bodies, communities, employees, as well as the people impacted by the company’s operations. 

The group operates 3 divisions:


Tongaat Hulett Sugar focuses on cane growing, sugar milling and refining throughout the Southern African region.

The group has four mills in South Africa with an installed capacity to produce more than 1 million tons of sugar per annum.

Its central refinery in Durban produces 600 000 tons of high quality refined sugar per annum, with the primary product being the leading Huletts® brand.


The group's land conversion and development activities are supporting a comprehensive, embedded social programme. They’re yielding increasing numbers of opportunities for well-located, affordable neighbourhoods, and they’re enabling transformation of ownership and participation in the real estate value chain.

The group's development arm has established a reputation for excellence as one of South Africa’s leading private land developers, having planned and developed more than 2 000 hectares of serviced land for residential, commercial, industrial, resort and mixed-use purposes. In collaboration with key stakeholders, the group is uniquely positioned to take on projects on a massive scale.

Starch and glucose

The group's South African-based starch and glucose operations include four wet-milling plants, in Kliprivier, Germiston and Meyerton (Gauteng) and Bellville (Western Cape).

The group converts more than 670 000 tons of bought-in maize per annum into starch and starch-based products. It also manufactures a wide range of products, from unmodified maize starch to highly-refined glucose products, which are key ingredients for manufacturers of foodstuffs, beverages and a variety of industrial products.

As Africa’s largest producer of starch, glucose and other related products, Tongaat Hulett supplies clients domestically, across the continent and internationally.

2. Business model

3. Strategy

4. Markets

5. Competition

6. History

7. Team

8. Financials

9. Risk