Diluted HEPS of 621.0cps (+10.6% y-y). Recurring HEPS of 624.5cps (+11.2% y-y).
Revenue declined 6.6% y-y to R21.7bn. Growth in Agrimark (+6.4% y-y) and Manufacturing (+6.5% y-y) was offset by a significant slowdown in PEG (-13.0% y-y) and Agrimark Grain (-27.5% y-y). The deflationary impact of fuel contributed -5.8% y-y to the decline.
Cost of sales reduced by 8.2% y-y, resulting in GPM expansion of 150bps to 15.2%.
Operating expense grew 4.4% y-y to R2.5bn, with expense-to-sales up 120bps to 12.1%.
OPM increased by 20bps to 4.2%.
Dividend of 210cps (FY24: 180cps). Given the repayment of PEG’s debt and the group’s strong trading performance and cashflows, KAL has improved the dividend cover to 2.8x.
Gross debt declined from R625m to R355m, while net cash improved from -R850m to -R693m.
Cash from operating activities increased 10.0% y-y to R933.6m.
