Dis-Chem Pharmacies (DCP) FY24 – Results Snapshot

Diluted HEPS 114.6cps (-1.5% y-y).
Turnover growth 11.1% y-y, driven by growth in both Retail (+9.7% y-y) and Wholesale (+13.3% y-y).
Comparable pharmacy store revenue growth of 6.9% y-y.
Retail revenue growth was impacted by Covid-19 vaccine administration and testing services in the prior period compared to the current period. If the contribution of Covid-19 vaccines and testing are excluded from both periods, retail revenue grew by 10.3% y-y.
Group GPM fell by 60bps to 22.6%.
Expense growth of 10.9% y-y, with expense-to-sales flat at 25.8%.
OPM decreased by 40bps to 4.9%.
Dividend of 45.7cps (FY23: 46.6cps).
DCP opened 15 retail pharmacies, taking the total pharmacy footprint to 273.
In October 2023, the Competition Commission approved the purchase of the 63 000m² distribution centre in Gauteng, for a purchase consideration of R502 million.