Choppies record a profit before tax of P207 million for the year ended 30 June 2024, a 25% increase from last year, on the back of a significant uptick in revenues, retail sales and gross profit which were P8.5 billion, P8.4 billion and P1.7 billion respectively. This represents an increase of 31.7%, 31.8% and 28.4% respectively.
However, Choppies saw a decline in its operating margin which dropped from 4.26% to 3.79%. As a result, headline earnings per share also took a bump, dropping by 20.7% from 11.1 thebe to 8.8 thebe per share.
"Notwithstanding the weak performance from the Zimbabwe segment as well as excluding the Kamoso acquisition, the Group’s performance was strong," the company told shareholders.
Despite declaring a dividend of 1.4 thebe per share, the company's share price took a beating on the Johannesburg Stock Exchange (JSE), closing at R0.70, a 6.67% on Wednesday after the results announcement decline.