Sefalana H1 profits high
Sefalana group interim profits for the period to October 2018 will be higher compared to the same period last year, it became public late Wednesday.
The group, which owns retail brands such as Shoppers and Sefalana Hyper, stated through its Finance Director, Mohamed Osman that profit before tax will be in the range of 15 percent to 25 percent which is approximately P12, 5 and P20, 8 million respectively. For the six months period to October 2017, the group which has operations in select Southern African countries made a profit before tax of P83, 1 million.
The Botswana Stock Exchange(BSE) listed company which is taking competition to troubled Choppies under its retail brand, said the results will be out by the end of January 2019. “This (the financial results) will include commentary on the drivers for the enhanced performance,” said Sefalana. The company has since cautioned investors to exercise care when dealing its securities until the results are formally announced. Presenting the group’s 2018 full year results, Chairman and former Vice President, Dr Ponatshego Kedikilwe and Managing Director, Chandra Chauhan stated they will continue to focus on core segments that generate strong returns for the Group.
“We identified the need to expand into the Region and have successfully done this through a careful and cautious expansion plan into three countries over the last four years, taking into account the impact of the various macro-economic environments and also considering the foreign exchange risk of retranslation of returns. We have made a success of our entry into Namibia and Lesotho,” said the group.
‘Our expansion into South Africa is already elevating the Group’s profitability. We are optimistic about this new territory and look to continued success in our Regional expansion strategy’