Choppies Enterprises Limited has announced its unaudited financial results for the six months ended 31 December 2023 (“HY2023”). Despite facing challenges in its Zimbabwe segment, the Group has shown impressive growth driven by strategic acquisitions and expansion efforts.
Financial Performance:
The Group’s revenue surged by 21% to Pula 4,288 million compared to Pula 3,535 million in the same period in 2022. Retail sales mirrored this growth, increasing by 21% to Pula 4,258 million. Gross profit rose by 21% to Pula 893 million, while operating profit (EBIT) saw a notable increase of 28%, reaching Pula 181 million. The profit for the period experienced a substantial growth of 41%, amounting to Pula 100 million.
| Metric | HY2023 | HY2022 | Change |
|---|---|---|---|
| Revenue | Pula 4,288 M | Pula 3,535 M | +21% |
| Retail Sales | Pula 4,258 M | Pula 3,511 M | +21% |
| Gross Profit | Pula 893 M | Pula 736 M | +21% |
| Operating Profit (EBIT) | Pula 181 M | Pula 141 M | +28% |
| Profit for the Period | Pula 100 M | Pula 71 M | +41% |
Financial Highlights:
The Group’s growth was primarily fueled by strategic acquisitions and expansion efforts. Despite challenges in the Zimbabwe segment, including negative volume growth, the Group’s overall performance remained strong. Key financial highlights include:
Dividend Declaration:
In line with its dividend policy, the Board of Choppies Enterprises Limited has declared an interim dividend of 1.6 thebe per ordinary share, payable to shareholders on or before Tuesday, 16 April 2024.
Outlook:
Despite challenges in certain segments, Choppies Enterprises Limited remains optimistic about its future prospects. The Group aims to maintain its dividend policy and continue its strategic growth initiatives.
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