Bidvest (BVT) 1H24 – Results Snapshot

Diluted HEPS 984.3cps (+5.1% y-y).
Turnover increased by 8.8% y-y to R62 163m.
GPM decreased by 60bps to 28.9%.
TPM increased by 30bps to 10.5%.
Expenses increased by 3.6% with expense-to-sales decreased from 19.6% to 18.7%.
Dividend of 467.0cps (LY: 437.0cps).
Cash generated from operating activities improved from R93m to R1 631m.
Bidvest’s net debt increased by R6.8bn since 30 June 2023 to R25.9bn with 68.3% of net debt being offshore.
Available debt funding, mainly from the offshore multicurrency syndicated revolving credit facility, as well as domestic bond and banking facilities, were utilised for acquisitions concluded during the period.