KAL Group (KAL) 1H23 – Results Snapshot

Diluted HEPS of 374.8 cps (1H22: 337.8 cps).
Turnover growth of +68.4% (1H22: +26.7%) to R12.09 billion, with a +183.6% increase y-y in the number of transactions. Like-for-like comparable revenue growth of 11.8% y-y.
GPM marginally down by -110 bps to 12.6% (1H22: 13.7%).
Operating margin down to 4.6% (1H22: 5.7%).
Expense to sales up +20bps to 8.9% (1H22: 8.7%).
Interim dividend up +8.7% to 50 cps (1H22: 46 cps).
Grain services and Manufacturing segment revenue down due to a weaker economic environment and continued load shedding.
Retail Fuel and Convenience segment revenue increased 252.8% y-y following the contribution of the PEG business.