According to the firm in its report, trading conditions in Nigeria, which is one of its major market, were extremely demanding because of import restrictions, a collapsing oil industry and a lack of foreign exchange, but the Group has continued to grow its presence, opening seven supermarkets during the reporting period with another four to follow in the new financial year.
Within the period under review, the Shoprite Group boosted total turnover by 14.4% to more than R130 billion during a 53-week period (comparative 52-week growth:11.6%).
The Group’s trading profit for the 12 months to June 2016 was up 15.0% to R7.278 billion and trading margin remained stable at a creditable 5.6%.
Whitey Basson, Shoprite’s chief executive officer, said: “We are delighted with the overall results we have achieved on the back of a record one billion transactions in a single year, but especially with those from beyond South Africa’s borders.
We see the rest of the African continent as the source of much of our future growth. Like any market, the continent has its problems, but after more than 20 years of trading here, we have gained the knowledge and experience to deal effectively with the challenges it presents.”
