KAL Group (KAL) FY24 – Results Snapshot

Diluted HEPS of 561.6 cps (-8.5% y-y). Recurring HEPS of 561.6 (-9.4% y-y).
Revenue declined by 3.0% y-y to R21.7bn.
GPM increased by 70bps to 13.7%.
Expense growth of 4.3% y-y to R2.4m, with expense-to-sales up 80bps to 10.9%.
OPM decreased marginally from 4.1% to 4.0%.
Dividend of 180cps (FY23: 180cps).
Gross debt declined to R625m, while net cash decreased to -R850m.
All segments declined in revenue, apart from Manufacturing, which increased by 8.4% y-y.