Diluted HEPS 440.5cps (+5.1% y-y).
Turnover increased by 3.6% y-y to R12 823m.
OPM decreased by 70bps to 8.7%.
Expenses increased by 4.4% y-y while expense-to-sales increased from 90.6% to 91.3%.
Dividend of 120cps.
Cash generated from operating activities improved from R745m to R1 794m.
Paper business revenue increased on the back of price increases but volumes were negatively affected by subdued consumer demand, lower fruit exports due to adverse weather conditions, and customers’ overstocking with imported containerboard and cartonboard ordered in 2022 when there were shortages, but only delivered during 2023.
Sales volumes in the Plastics business declined overall, with improved volumes in Bins & Crates and FMCG offset by a decline in Preforms & Closures. Higher sales volumes in Bins & Crates were underpinned by investments while FMCG increased its market share.