Pick n Pay final results February 2018
Revenue for the period increased to R83.5 billion (2017: R79.5 billion), gross profit rose to R15.3 billion (2017: R14.5 billion), trading profit climbed to R1.8 billion (2017: R1.7 billion), while profit for the period was higher at R1.3 billion (2017: R1.2 billion). Furthermore, headline earnings per share grew to 276.98 cents per share (2017: 258.65 cents per share).
The Board declared a final dividend of 155.40 cents per share. This brings the total annual dividend for the year to 188.80 cents per share, 7.1% up on last year, in line with the growth in headline earnings per share. The dividend cover of 1.5 times headline earnings per share was maintained.
South Africa is a significantly more positive country than it was a year ago. President Ramaphosa has committed to greater levels of economic transformation and growth, including through closer collaboration with the private sector to stimulate investment, greater employment, the elimination of corruption, and improved levels of service delivery.
In all areas of the economy, including business, optimism does not automatically translate into sustainable growth. Sustainable growth requires a successful plan, and hard work to deliver that plan. Over this past year, Pick n Pay has taken the most decisive action in its 50-year history to cut costs, become more resilient and give the savings back to our customers in the form of lower prices and better value. We have made our shops brighter and more vibrant, accelerated our own brand offer and taken real steps to become a true multi-channel retail business.
We are changing the trajectory of the Pick n Pay Group, and will build on this momentum in 2019. The Group will continue to invest in its strengthened customer offer. Across Pick n Pay and Boxer, the Group is confident that it will win customers across all levels of our economy. Pick n Pay will be South Africa's first genuine multi-channel business, with a substantive convenience and online presence and recognition as South Africa's most affordable and inclusive banking partner.
We would like to extend our thanks and sincere appreciation to the Pick n Pay and Boxer teams who have worked tirelessly over the past few years to build a strong and resilient business.