Choppies will pay its shareholders dividends for the first time since 2017 following the Botswana-born pan-African retailer's impressive financial performance for the 6 months ended 31 December 2023. The dividends will be 1.6 thebe per share and will come from income reserves.
In the reporting period, Choppies recorded a 21% increase in sales, totalling P4.2 billion across its operations in southern Africa. This was driven by 10 new Choppies stores and the acquisition of 100 liquor and hardware stores from Kamoso and the other Kamoso divisions.
The company's Botswana, Namibia, and Zimbabwe operations improved gross profit margins while Zambia gross profit margins declined due to competitor discounting. Gross profit increased by 21.3% to P893 million.
However, expenses also increased by 19.9% due to new stores and as well as high inflation.
The dividends will be issued on 16 April 2024.