Dis-Chem Pharmacies (DCP) FY25 – Results Snapshot

Diluted HEPS 137.4cps (+19.9% y-y).
Revenue grew 8.0% y-y to R39.2bn.
Group GPM fell 10bps to 22.5%.
Expense growth of 7.5% y-y, with expense-to-sales down 20bps to 25.6%.
OPM expanded by 50bps to 5.4%.
Dividend of 54.9cps (FY24: 45.7cps).
Retail revenue grew by 5.9% y-y, with comparable pharmacy store revenue growth at 4.1% y-y.
Wholesale revenue grew by 9.9% y-y, with revenue from DCP stores up 7.4% y-y. External revenue grew 22.1% y-y.
DCP’s footprint consists of 285 retail pharmacy stores and 45 retail baby stores at year end.
For the three-month period 1 March 2025 to 27 May 2025, group revenue grew by 8.6% y-y. Retail revenue grew by 7.8% y-y, supported by the opening of nine pharmacy stores, with comparable pharmacy store revenue growth at 4.6% y-y. Wholesale revenue to external customers grew by 13.6% y-y.