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Unaudited Group interim financial results for the six months ended 31 December 2024
CHOPPIES ENTERPRISES LIMITED
Registration number BW00001142508
ISIN:BW0000001072
BSE SHARE CODE: CHOP-EQO
JSE SHARE CODE: CHP
Tax Reference Number: C08710401018
("Choppies" or "Company" or "Group")
UNAUDITED GROUP INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
The board of directors of Choppies ("Board") announces the results of the Group for the 6 months ended 31 December
2024 ("HY2025"). These results have not been audited nor reviewed by the Company's auditors.
6 months ended 6 months ended
Continuing operations (unaudited) 31 December 31 December Change
2024 2023
Pula Millions Pula Millions
Revenue 4,717 3,950 19.4%
Retail sales 4,677 3,921 19.3%
Gross Profit 965 813 18.7%
Operating Profit 190 179 6.1%
Operating margin 4.06% 4.57% (50 bps)
Profit for the period 115 105 9.5%
Basic earnings per share 6.1 Thebe 5.5 Thebe 10.9%
Headline earnings per share 7.3 Thebe 5.5 Thebe 32.7%
Net cash flows generated from operating activities 304 310 (6)
Cash and cash equivalents at end of the period 72 116 (44)
Total operations including continuing and discontinued operations
Basic earnings per share 4.5 Thebe 4.9 Thebe (8%)
Headline earnings per share 6.2 Thebe 5.2 Thebe 19%
Comparative numbers have been re-presented in accordance with the application of IFRS 5: Non-current Assets Held
for Sale and Discontinued Operations. The Group sold the assets of the Zimbabwean segment in December 2024.
The Kamoso general merchandise business, the Kamoso South African liquor business and the Kamoso Mediland
business were discontinued during the June 2024 financial year.
Financial highlights
The Group's retail sales increased by 19.3% to BWP 4 677 million (2023: BWP 3 921 million), driven by 26 new stores,
inflation, and volume growth. Choppies segments saw volume growth of 14.5% and achieved price growth of 3.7%.
Choppies segments sales for like-for-like stores increased by 15.1%.
The gross profit margin declined by 10 basis points to 20.6% (2023:20.7%), due to lower margins resulting from
competitor discounting in the Choppies Botswana segment and the Liquorama segment, which were offset by
stronger margins in the Choppies Namibia and Zambia segments and the Rest of Kamoso segment.
In Pula terms, gross profit increased by 18.7% to BWP 965 million (2023: BWP 813 million) despite the competitive
and challenging economic environment.
Expenses increased by 22.9% due to new stores, inflation, the loss on the sale of the Zimbabwe segment and
impairments losses. Expenses excluding the following items increased 21.8%: foreign exchange losses on lease
liabilities, the loss on sale of business and impairment losses and expected credit losses.
Operating profit (EBIT) increased by 6.1% from BWP 179 million to BWP 190 million. In contrast, Adjusted EBIT
increased 12.6% from BWP 198 million to BWP 223 million.
Net finance costs last year included a credit of BWP 6.5 million relating to the Kamoso acquisition and excluding this,
net interest reduced from BWP 58 million in the prior year to this year's BWP 52 million. The reduction was due to
lower debt offset by higher interest on leases as a result of new stores.
The effective tax rate of 17.3% (2023: 18.0) is lower than the standard rate mainly due to deferred tax on carried
forward tax losses in the Builders Mart and Zambia segments. We raised deferred tax assets of BWP 6 million (2023:
BWP 8 million) as we are confident that these segments will generate taxable profits in the foreseeable future.
The Board has declared an interim dividend (number 09) of 1.6 thebe per share (2023: 1.6 thebe), payable on Thursday,
8 May 2025. A separate announcement relating to the salient dates and the tax treatment of the ordinary dividend
will be released on the BSE's X-News and on the JSE's SENS.
Short-form announcement
This short-form announcement is the responsibility of the Board. It is only a summary of the information contained in
the Group's full HY2025 results announcement, which is available on the BSE's X-News and on the JSE Limited ("JSE")
SENS at: https://senspdf.jse.co.za/documents/2025/JSE/ISSE/CHP/HY2025.pdf
and on the Group's website: https://choppiesgroup.com/investor-relations/.
The Company has a primary listing on the BSE and a secondary listing on the JSE.
20 March 2025
BSE Sponsoring Broker JSE Sponsor
Motswedi Securities (Pty) Ltd PSG Capital
Date: 20-03-2025 02:00:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
