RFG Holdings (RFG) FY23 – Results Snapshot

Diluted HEPS of 185.9 cps (FY22: 137.3 cps).
Group revenue growth of +8.7% y-y (FY22: +21.9% y-y), driven by price inflation of 12.9%.
GPM up +250 bps to 25.1% (FY22: 22.6%).
Operating margin up from 7.9% LY to 9.6% in FY23.
Expense to sales up to 15.7% (FY22: 15.5%).
Dividend of 62.0 cps (FY22: 45.8 cps).
Total Group volumes declined by 8.3% y-y, partially offset by foreign exchange gains.
Further R25m spent on new and replacement generators, with diesel costs amounting to R65.7m.
Regional segment operating profit increased 63.0% y-y as higher input costs recovered from the consumer.
International segment operating profit increased 17.0% y-y, supported by stable export pricing and the weakening of the Rand against the US dollar in the period.