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Shoprite surges as shareholders cheer interim results

23 Feb 2016

Shoprite's shareholders sent the company's share price climbing more than 4% on Tuesday morning after the release of the retailer's half-year results.

Shoprite CEO Whitey Basson.<p>Photographer: Trevor Samson<br>Image source:

Shoprite CEO Whitey Basson.
Photographer: Trevor Samson

Image source: BDlive

But by 9.35am, shares had lost a bit of momentum and were up 3.33% to R149.14. Most of the retail sector was weaker by the same time.

In the six months to December 31 2015, diluted headline earnings per share (HEPS) climbed 8.9% to 403c while trading profit rose 10.4% to R3.314bn,

Turnover was up 8.8% to R62.519bn compared with the year-earlier period. Shoprite declared an interim divided of 156c, which was 9.1% higher than the 143c declared an in the year-earlier period.

CEO Whitey Basson said the company had achieved its results in an intensely competitive environment.

"The economies of oil-rich Angola and Nigeria, in particular, showed surprising resilience despite the challenges brought about by the steep drop in the oil price," said Basson.

Looking ahead, Basson said the greater geographic diversification of the group’s operations would put it in a better position than some of its competitors.

"We expect to deliver reasonable results in the second half, provided the current economic climate does not deteriorate further."

Source: Business Day

Source: I-Net Bridge

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