Increase in revenue of
14% to
R10.3 billion

Increase in gross profit of
11% to
R788 million

Increase in gross profit margins
from 7.48% to

Increase in EBITDA of
20% to
R516 million

Increase in headline earnings
per share of
15% to
42.73 cents

Increase in core earnings per
share of
17% to
44.47 cents

*Excluding imputed interest IFRS adjustments.



Headline earnings per share increased by 15% to 42.73 cents. This growth was achieved in spite of the Group’s share of losses in Blue Label Mexico increasing by R14.5 million, negatively impacting on growth in headline earnings per share by 2.17 cents.

The growth in earnings was primarily attributable to increases in revenue of 14%, gross profit of 11% and EBITDA of 20%. Gross profit margins increased from 7.48% to 7.62% on exclusion of imputed IFRS interest adjustments. The growth in margins was achieved through the efficient application of cash resources to bulk inventory purchases at favourable discounts, early settlement supplier discounts, an increase in commissions earned on the distribution of prepaid electricity and compounding annuity income.

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