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Audited Group financial results for the twelve months ended 30 June 2025
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")
AUDITED GROUP FINANCIAL RESULTS FOR THE TWELVE MONTHS ENDED 30 JUNE 2025
The board of directors of Choppies ("Board") announces the results of the Group for the 12 months ended 30 June
2025 ("FY2025")..
Continuing operations Audited 2025 2024* Change
Pula Millions Pula Millions
Revenue 9,173 8,001 14.6%
Retail sales 9,107 7,940 14.7%
Gross Profit 1,893 1,621 16.8%
Operating Profit 318 335 (5.1%)
Operating margin 3.49% 4.22% (73 bps)
Adjusted Operating margin 386 344 12.2%
Profit for the period 151 196 (23.0%)
Basic earnings per share 8.4 Thebe 10.5 Thebe (20.0%)
Headline earnings per share 9.4 Thebe 9.6 Thebe (2.1%)
Net cash flows generated from operating
activities 679 634 45
Cash and cash equivalents at end of the period 85 125 (40)
Total operations including continuing and discontinued operations
Basic earnings per share 5.3 Thebe 7.6 Thebe (30%)
Headline earnings per share 8.1 Thebe 6.8 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
general merchandise business, the South African liquor business and the Mediland business were discontinued during
the June 2024 financial year.
Financial highlights
The Group's retail sales increased by 14.7% to BWP 9 107 million (2024: BWP 7 940 million), driven by 30
new stores, inflation and volume growth. Choppies segments saw volume growth of 8.7% and achieved
price growth of 5.1%. Choppies segments sales for like-for-like stores increased by 8.6%.
The gross profit margin improved by 40 basis points to 20.8% (2024:20.4%), due to improved margins in all
segments except Liquorama. The Liquorama gross profit rate reduced from 13.9% last year to 12.4% this
year as we faced heightened competition from both liquor retailers and liquor wholesalers and illicit liquor
imports hampered margin expansion.
In Pula terms, gross profit increased by 16.8% to BWP 1 893 million (2024: BWP 1 621 million) despite the
competitive and challenging economic environment.
Expenses increased by 21.8% due to new stores, inflation, the loss on the sale of the Zimbabwe segment
and impairment losses.
Operating profit (EBIT) decreased by 5.1% from BWP 335 million to BWP 318 million. In contrast, Adjusted
EBIT increased by 12.2% from BWP 344 million to BWP 386 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 112 million in the prior year to BWP 100 million. The
reduction was due to lower debt offset by higher interest on leases because of new stores.
The effective tax rate of 30.7% (2024: 14.8%) is higher than the standard rate mainly due to losses in
Namibia for which we have not yet raised deferred tax and non-deductible loss on the sale of Zimbabwe.
Last year's rate was lower than the standard rate due to deferred tax on carried forward tax losses in the
Zambia segment.
The Board has declared a final dividend (number 10) of 0.6 thebe per share, payable on 05 November 2025,
thus bringing the total dividend for the year to 2.2 thebe (2024: 3.0 thebe) per ordinary share. 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 FY2025 annual financial statements, which is available on the BSE's X-News and on the JSE's SENS at:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/CHP/FY2025.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.
22 September 2025
BSE Sponsoring Broker JSE Sponsor
Motswedi Securities (Pty) Ltd PSG Capital
Date: 22-09-2025 10:30:00
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