Home > Investors > Five year review
|
2026 Rm |
2025 Rm |
2024 Rm |
2023 Restated Rm |
2022 Rm |
|
| Revenue | 10 319.9 | 9 287.8 | 8 183.8 | 7 456.4 | 7 256.1 |
|---|---|---|---|---|---|
| Merchandise sales | 5 452.1 | 5 080.6 | 4 652.7 | 4 443.1 | 4 382.5 |
| Other revenue | 4 867.8 | 4 207.2 | 3 531.1 | 3 013.3 | 2 873.6 |
| Cost of merchandise sales | (3 070.1) | (2 873.3) | (2 646.5) | (2 637.0) | (2 607.6) |
| Operating costs(1) | (5 873.9) | (5 244.0) | (4 781.6) | (4 107.8) | (3 881.7) |
| Operating profit before impairments and capital items | 1 375.9 | 1 170.5 | 755.7 | 711.6 | 766.8 |
| Impairments and capital items | (76.2) | (18.2) | (65.4) | (102.2) | (98.9) |
| Operating profit | 1 299.7 | 1 152.3 | 690.3 | 609.4 | 667.9 |
| Investment income – insurance investments | 37.7 | 36.0 | 37.3 | 33.5 | 34.6 |
| Interest expense | (224.7) | (226.9) | (161.2) | (114.5) | (48.9) |
| Interest received | 22.2 | 22.3 | 23.7 | 16.4 | 25.4 |
| Foreign exchange gains and (losses) | – | – | – | 21.9 | (5.1) |
| Profit before taxation | 1 134.9 | 983.7 | 590.1 | 566.7 | 673.9 |
| Taxation | (281.1) | (228.8) | (153.7) | (155.7) | (190.8) |
| Net profit attributable to ordinary shareholders | 853.8 | 754.9 | 436.4 | 411.0 | 483.1 |
| Headline earnings | 909.4 | 768.2 | 500.4 | 510.2 | 561.1 |
| (1) | Includes debtor costs and insurance service expenses. |
|
2026 Rm |
2025 Rm |
2024 Rm |
2023 Restated Rm |
2022 Rm |
|
| Assets | |||||
| Non-current | 1 773.5 | 1 805.7 | 1 762.3 | 1 775.2 | 1 860.4 |
| Property, plant and equipment | 482.1 | 467.1 | 442.3 | 426.3 | 396.4 |
| Right-of-use assets | 795.4 | 847.6 | 793.7 | 760.0 | 747.1 |
| Intangible assets and goodwill | 107.7 | 126.5 | 110.4 | 174.8 | 258.3 |
| Deferred tax asset | 58.4 | 86.2 | 64.4 | 50.1 | 82.7 |
| Retirement benefit asset | 147.6 | 118.5 | 109.0 | 106.7 | 109.8 |
| Financial assets – insurance investments | 182.3 | 159.8 | 242.5 | 257.3 | 266.1 |
| Current | 7 385.6 | 6 634.4 | 5 771.1 | 5 269.9 | 5 046.7 |
| Inventories | 768.7 | 765.9 | 723.6 | 869.3 | 1 018.8 |
| Trade and other receivables | 5 876.1 | 5 162.0 | 4 483.2 | 3 946.7 | 3 535.0 |
| Insurance contract asset | 271.2 | 239.6 | 196.5 | 125.5 | – |
| Financial assets – insurance investments | 295.4 | 289.1 | 134.9 | 138.9 | 156.7 |
| Taxation | 13.0 | 2.4 | 8.6 | 6.5 | 28.1 |
| Cash-on-hand and deposits | 161.2 | 175.4 | 224.3 | 183.0 | 308.1 |
| Total assets | 9 159.1 | 8 440.1 | 7 533.4 | 7 045.1 | 6 907.1 |
| Equity and liabilities | |||||
| Capital and reserves | 5 485.6 | 5 078.4 | 4 702.8 | 4 692.6 | 4 717.0 |
| Non-current liabilities | 2 171.1 | 854.0 | 1 187.9 | 821.2 | 804.8 |
| Long-term interest-bearing borrowings | 1 350.1 | – | 350.0 | – | – |
| Lease liabilities | 674.0 | 711.1 | 699.4 | 680.3 | 700.1 |
| Deferred taxation | 62.3 | 62.6 | 59.9 | 67.6 | 27.4 |
| Retirement benefit liability | 84.7 | 80.3 | 78.6 | 73.3 | 77.3 |
| Current liabilities | 1 502.4 | 2 507.7 | 1 642.7 | 1 531.3 | 1 385.3 |
| Trade payables, other payables and provisions | 873.6 | 832.5 | 698.5 | 684.2 | 685.0 |
| Payments in advance | 202.0 | 194.7 | 184.4 | 189.6 | 181.1 |
| Insurance liabilities | – | – | – | – | 102.2 |
| Short-term interest-bearing borrowings | 41.6 | 1 055.4 | 425.6 | 367.5 | 80.8 |
| Lease liabilities | 289.6 | 265.7 | 240.9 | 264.7 | 250.2 |
| Taxation | 95.6 | 159.4 | 93.3 | 25.3 | 86.0 |
| Total equity and liabilities | 9 159.1 | 8 440.1 | 7 533.4 | 7 045.1 | 6 907.1 |
|
2026 Rm |
2025 Rm |
2024 Rm |
2023 Restated Rm |
2022 Rm |
|
| Cash generated from operations | 1 118.5 | 932.5 | 693.9 | 741.9 | 863.3 |
|---|---|---|---|---|---|
| Interest received other than from trade receivables | 22.2 | 22.3 | 23.7 | 16.4 | 25.4 |
| Interest paid | (225.4) | (199.7) | (157.4) | (105.7) | (74.7) |
| Realised foreign exchange gains and (losses) | – | – | – | 14.2 | (4.8) |
| Taxation paid | (333.8) | (194.8) | (101.5) | (149.3) | (104.2) |
| Cash flow from operating activities | 581.5 | 560.3 | 458.7 | 517.5 | 705.0 |
| Cash utilised in investing activities | (89.7) | (162.0) | (77.0) | (73.6) | 34.4 |
| Cash flow from financing activities | 507.8 | (1 077.0) | (398.5) | (855.7) | (959.1) |
| Net increase/(decrease) in cash and cash equivalents | 999.6 | (678.7) | (16.8) | (411.8) | (219.7) |
|
2026 |
2025 | 2024 |
2023 Restated |
2022 |
||
| Returns | ||||||
| Return on equity | (%) | 16.2 | 15.4 | 9.3 | 8.7 | 10.1 |
| Return on average capital employed (after-tax) | (%) | 13.4 | 13.4 | 8.6 | 7.9 | 8.8 |
| Return on average assets managed (pre-tax) | (%) | 15.3 | 15.0 | 10.0 | 9.2 | 10.4 |
| Margins | ||||||
| Gross profit margin | (%) | 43.7 | 43.4 | 43.1 | 40.6 | 40.5 |
| Operating profit margin before impairments and capital items | (%) | 25.2 | 23.0 | 16.2 | 16.0 | 17.5 |
| Operating profit margin | (%) | 23.8 | 22.7 | 14.8 | 13.7 | 15.2 |
| Productivity | ||||||
| Number of stores | 976 | 918 | 869 | 840 | 819 | |
| Revenue per store | (R'000) | 10 574 | 10 117 | 9 417 | 8 877 | 8 860 |
| Operating profit per store | (R'000) | 1 332 | 1 255 | 794 | 725 | 816 |
| Average number of permanent employees | 10 942 | 10 423 | 10 004 | 9 524 | 8 952 | |
| Revenue per employee | (R'000) | 943 | 891 | 818 | 783 | 811 |
| Operating profit per employee | (R'000) | 119 | 111 | 69 | 64 | 75 |
| Trading space | (m2) | 271 497 | 264 349 | 255 162 | 253 135 | 250 643 |
| Revenue per square metre | (R) | 38 011 | 35 135 | 32 073 | 29 456 | 28 950 |
| Operating profit per square metre | (R) | 4 787 | 4 359 | 2 702 | 2 407 | 2 665 |
| Inventory turn | (times) | 4.0 | 3.8 | 3.7 | 3.0 | 2.6 |
| Credit ratios | ||||||
| Credit sales | (%) | 69.4 | 68.0 | 66.2 | 59.9 | 51.4 |
| Bad debts as a percentage of debtors at gross carrying value | (%) | 8.8 | 10.6 | 11.2 | 13.1 | 14.5 |
| Debtor costs as a percentage of debtors at gross carrying value | (%) | 14.3 | 15.0 | 17.6 | 12.0 | 12.3 |
| Debtors' impairment provision as a percentage of debtors at gross carrying value | (%) | 37.7 | 37.2 | 37.5 | 36.0 | 40.4 |
| Satisfactory paid accounts as a percentage of total customers | (%) | 82.6 | 83.5 | 81.3 | 80.4 | 79.0 |
| Arrear instalments on satisfactory paid accounts as a percentage of debtors at gross carrying value | (%) | 10.5 | 10.3 | 10.0 | 10.2 | 10.4 |
| Arrear instalments on slow paying and non-performing accounts as a percentage of debtors at gross carrying value | (%) | 14.9 | 13.1 | 14.5 | 17.6 | 22.7 |
| Credit applications decline rate | (%) | 41.8 | 38.5 | 35.1 | 34.7 | 36.1 |
| Collection rate | (%) | 78.1 | 78.9 | 79.7 | 80.8 | 79.0 |
| Solvency and liquidity | ||||||
| Financing cover | (times) | 6.6 | 5.8 | 5.3 | 8.4 | 24.6 |
| Gearing ratio | (%) | 40.0 | 36.6 | 31.7 | 24.1 | 15.3 |
| Borrowings ratio | (%) | 22.4 | 17.3 | 11.7 | 4.0 | (4.8) |
| Current ratio | (times) | 4.9 | 2.6 | 3.5 | 3.4 | 3.6 |
| Cash conversion ratio | (%) | 62.5 | 60.2 | 61.8 | 69.2 | 78.9 |
| Net debt to EITDA | (times) | 0.7 | 0.6 | 0.5 | 0.2 | (0.2) |
| Share performance | ||||||
| Earnings per share | (cents) | 1 646.2 | 1 456.9 | 806.3 | 695.6 | 730.7 |
| Headline earnings per share | (cents) | 1 753.4 | 1 482.5 | 924.6 | 863.5 | 848.7 |
| Cash flow per share | (cents) | 2 156.6 | 1 799.6 | 1 282.1 | 1 255.7 | 1 305.8 |
| Net asset value per share | (cents) | 10 621.5 | 9 864.4 | 8 890.7 | 8 220.4 | 7 526.5 |
| Share price: | ||||||
| Closing price | (R) | 79.00 | 70.90 | 43.50 | 41.00 | 47.00 |
| High | (R) | 96.94 | 89.16 | 44.99 | 54.87 | 54.00 |
| Low | (R) | 62.00 | 42.60 | 35.00 | 37.51 | 28.35 |
| Price earnings ratio | (times) | 4.8 | 4.9 | 5.4 | 5.9 | 6.4 |
| Dividend per share | (cents) | 897.0 | 800.0 | 500.0 | 413.0 | 413.0 |
| Dividend payout ratio | (%) | 55.0 | 55.3 | 61.3 | 58.5 | 55.0 |
| Dividend yield | (%) | 11.4 | 11.3 | 11.5 | 10.1 | 8.8 |
| Volume of shares traded | (million) | 8.7 | 14.2 | 13.6 | 20.5 | 24.4 |
| Value of shares traded | (Rm) | 703.9 | 873.9 | 545.9 | 994.8 | 370.7 |
| Market capitalisation | (Rm) | 4 076.4 | 3 651.4 | 2 301.2 | 2 341.1 | 2 946.9 |
| Number of shareholders | 5 347 | 4 037 | 3 426 | 3 542 | 3 788 | |
| Number of shares in issue | ('000) | 51 646 | 51 482 | 52 896 | 57 085 | 62 672 |
Explanatory notes
| 1 | All ratios are based on figures at the end of the period unless otherwise disclosed. |
| 2 | Total assets for ratio purposes exclude the deferred tax asset. |
| 3 | The 2023 figures were restated for IFRS 17. |
| 4 | Foreign exchange gains and (losses) are included under operating costs from the 2025 financial year. |