Chairman’s report

As economies recover from the devastation caused by COVID-19 and the supply chain disruptions of the Ukraine-Russia war, many also had to contend with the subsequent inflation surge, driven primarily by the fiscal and monetary stimuli provided by governments in response to the pandemic.


Chairman’s report

Joint chief executive officers’ report

Our strategy going forward will be augmented by capturing our full-service offerings, embodying cost efficiencies, driving innovation and digitalisation throughout our operations and value chain, thereby ensuring greater resilience and sustainability.



Joint chief executive officers’ report

Financial director’s report

The core businesses of the Blue Label Group have shown consistent growth in revenue, gross profit, and core headline earnings per share for the year ended 31 May 2023. The predominant extraneous contributions to the May 2023 basic, headline, and core headline earnings per share are primarily associated with the recapitalisation transaction of Cell C.

DA SUNTUP Financial Director

Financial director’s report


A snapshot overview of Blue Label’s performance for the year ended 31 May 2023:

Revenue of
R18.9 billion*

Increase in gross profit margin from
16.46% to 18.41%

Core headline earnings per share**
45.55 cents per share

(2022: 121.01 cents per share)


* On inclusion of the gross amount generated on “PINless top-ups”, prepaid electricity, ticketing and gaming, the effective increase equated to 6% from R72.3 billion to R76.8 billion.
** Excluding the extraneous contributions of R523 million in the current year, primarily resulting from the recapitalisation transaction of Cell C, and R214 million in the prior year, core headline earnings per share increased by 9% to 104.83 cents per share compared to 96.56 cents per share in the prior year.


In allocating our capital to our strategic levers among the various value drivers, we need to consider the trade-offs between the resources available to us. The <IR> Framework categorises these resources into six capitals that are affected or transformed by the activities and outputs of an organisation. All our decisions seek to maximise positive outcomes and mitigate negative impacts.