Shoprite defied market conditions as it reported a 12 percent increase in full year headline earnings per share to R10.07.
Africa’s largest food retailer also increased the dividend in line with earnings to 504c. The share price reacted positively, up over 3 percent in early morning trade.
CEO Pieter Engelbrecht believes there is room for further growth as the group continues to improve efficiencies and profitability both in South Africa and beyond the country’s borders.
The earnings are the first to be reported since Steinhoff agreed to buy a 22.7 percent stake as part of listing clothing chain Pep.
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