KAL Group (KAL) FY23 – Results Snapshot

Diluted HEPS of 614.0 cps (FY22: 547.1 cps).
Revenue growth of +42.7% (FY22: +48.4%). Like-for-like growth of 5.0% y-y as only three months of PEG included in FY22.
GPM marginally up to 13.0% (FY22: 12.8%) as contribution from high margin convenience retail revenue increased.
Operating margin down to 4.1% (FY22: 4.4%).
Expense-to-sales up to 10.1% (FY22: 9.9%).
Dividend up +7.1% to 180 cps (FY22: 168 cps).
Effective cost management remained a critical focus area during the period, with LFL expenditure reducing by 2.1%.
Group managed to grow fuel volumes together with a resilient convenience retail performance.
PEG fuel sales performing above expectations. Acquisition debt being paid down as planned.