Kaap Agri (KAL) Results Snapshot FY21

Strong revenue growth +23.4 % y-y. GPM dropped by 40bps to 14.9%. Expenses stable with expense to sales ratio at 10.6% (LY:10.8%). OPM declined from 5.9% LY to 5.3%. Dividends of 151cps (LY: 50cps) declared.