PPC (PPC) FY24 – Results Snapshot

Diluted HEPS 27cps compared to -9cps LY.
Revenue from continuing operations improved by 20.6% y-y to R10 058m (FY23 restated: R8 339m), driven by the Zimbabwean operations which increased its revenue by 90.9% y-y.
GPM increased from 13.3% to 16.4%.
OPM rose from -0.6% to 3.2%.
Expenses increased by 14.4% y-y, expense-to-sales ratio fell by 70bps to 13.2%.
No dividend from the SA and Botswana group.
A dividend of 13.7 cents per share based on the R203 million of gross dividends received from Zimbabwe.
Gross debt down 34.5% y-y to R779m.
New distribution policy:
A distribution in an amount that would result in the target leverage range for the SA and Botswana group being net debt at or below 1,3x – 1,5x the SA and Botswana EBITDA, before dividends from Zimbabwe.
A distribution of an amount up to the gross dividend received by PPC from Zimbabwe.