Highlights

	Increase in gross profit of R78 million to R1,35 billion
	Increase in gross profit margins from 6,70% to 6,96%
	Increase in EBITDA of 10% to R788 million
	Increase in headline earnings of 6% to R451 million
	Increase in headline earnings per share of 6% to 67,98 cents
	Increase in dividend per share of 8% to 27 cents
	Cash flows from operating activities R907 million

Commentary

EBITDA increased by 10% to R788 million, emanating from revenue growth of 2% to R19,4 billion, an increase in gross profit margins of 0,26% and limiting additional overheads to 3%. Headline earnings per share increased to 67,98 cents.

Revenue generated on “pinless top ups” increased from R997 million to R1,7 billion. As only the commission thereon is accounted for, the effective growth in Group revenue equated to 6%.

The gross profit margin increase was mainly attributable to the application of cash resources to bulk inventory purchases at favourable rebates and early supply settlement discounts.

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