AVI (AVI) 1H24 – Results Snapshot

Diluted HEPS up +17.1% y-y to 372.0 cps.
Revenue growth of +7.1% y-y (1H23: 7.2%).
GPM increased by 170bps to 41.5% (1H23: 39.8%).
Expense-to-sales marginally down to 19.9% (1H23: 20.1%). Direct costs of load-shedding totalled R21.1m.
OPM% increased 180bps to 21.5% (1H23: 19.7%).
Dividend of 202 cps (1H23: 172 cps).
I&J impacted by poor catch rates and loss of export sales due to port inefficiencies.
Cash generated by operations increased from R1.06 billion to R1.85 billion due to the improved operating profit and a lower increase in working capital.