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With signs of increasing Covid-19 infection rates, we resume our weekly updates. We summarise key statistics on the spread of Covid-19 in South Africa. South Africa recorded 3 929 872 cumulative Covid-19 infections as at 22 May 2022 (+38 079 in the past week). New infections averaged 5 440 per day (7-day moving average, -24.5% w-w) in the last week, with a high of 8 179 on 18 May. The infection rate was 15.7% of cumulative tests on 22 May (15.6% on 15 May).

Diluted HEPS expanded to 99.2cps (+27.5% y-y). Turnover growth +15.7% y-y, driven by strong growth in Retail (+15.6% y-y). Group GPM increased by 25bps to 22.5%. Expenses to sales increased to 23.9% compared to 23.4% LY. OPM improved by 25bps to 5.1%. Dividend of 20.2 cps declared (interim: 19.5cps).

Diluted HEPS increased to 31.7cps (26.4cps LY). Turnover growth +2.3% y-y, supported by Non-acute services, whose revenue surpassed pre-pandemic. Group GPM declined by 77bps to 48.9%. Good expense control, with expenses to sales decreasing to 40.6% compared to 42.0% LY. OPM improved by 93bps to 10.0%. Dividend of 20cps declared. Net debt has reduced to R5.4bn, from R6.1bn.

Diluted HEPS 529.2cps compared to 432.2cps LY. Revenue increased by +26.7% y-y to R4 680m, driven by a 52.0% y-y increase in bulk commodities revenue. GPM fell 290bps to 36.6%. OPM decreased from 28.7% to 23.7%. Expenses up 20.8% y-y, expense to revenue increased by 200bps to 13.2%. 146cps final dividend declared. Gross debt up 25% y-y. Demaneng revenue down 4.1% y-y, however, the bulk commodities segment was aided by strong results from the Nkomati and Jenkins mines.

Good results with diluted HEPS 262cps (+15.0% y-y) and DPS 221cps (+23.0%y-y). Pro-forma HEPS growth +23.0% y-y. Turnover growth +5.2% y-y, with sales growth in 4Q at 7.4% y-y. Lost sales due to unrest in 2Q amounted to R1.8bn. GPM dropped from 19.8% to 18.8% but this was mainly due to unrest stock losses. This was largely recovered in Other Income. Expenses well controlled with the expense to sales ratio dropping from 18.6% to 18.4%. Expense growth +4.2% y-y. Operating margin stable at 2.9%. Net cash position of R3.6bn (FY21: R3.5bn). Gross debt increased to R4.0bn from R3.3bn in FY21. Damages from civil unrest - Insurance recovery R959m. Strong start to FY23 with sales growth +9.9% y-y in the first 8 weeks.

With signs of increasing Covid-19 infection rates, we resume our weekly updates. We summarise key statistics in the spread of Covid-19 in South Africa. South Africa recorded 3 891 793 cumulative Covid-19 infections as at 15 May 2022 (+50 405 in the past week). New infections averaged 7 201 per day (7-day moving average, +10.5% w-w) in the last week, with a high of 10 017 on 11 May. The infection rate was 15.6% of cumulative tests on 15 May (15.6% on 8 May).

Diluted HEPS 1405 cps (+136.9% y-y). Turnover growth +26.5% y-y. Total dividend of 790cps (1H21: 300cps). GPM increased by 400bps to 22.2%. Operating margin increased by 380bps to 8.3% PBT% increased by 400bps to 8.2% CAPEX spend slowed down to 1.0% to sales (1H21: 1.6%). Poultry division grew revenue by +28.6% y-y Africa division grew revenue by +47.5% y-y

Diluted HEPS up 265% y-y to 297.4cps compared to 81.4cps LY. Revenue increased by 30.9% y-y to R11 578m, driven by the Beitbridge project. GPM improved by 240bps to 13.8%. OPM increased from 4.1% to 8.2% Expenses well controlled at R661m. Expense to revenue fell by 180bps to 5.7% 54cps final dividend declared. Operating cash flow down 49.5% y-y to R566m. Order book relatively unchanged at R17.13bn. The mining purchases contributed c. R22m to revenue.

Diluted HEPS 37cps compared to 134cps (restated) LY. DHEPS from Continuing Operations improved from 36cps to 51cps (+37.8% y-y). Discontinued Ops DHEPS of -14cps (LY 97cps). Normalised HEPS increased 82.9% y-y to 75cps. Revenue improved by 5.7% y-y to R7 930m. OPM decreased from 4.6% to 3.6%. Expenses increased by 6.9% y-y to R7 706m. Expense to sales increased to 97.2%. 30cps dividend declared. Cashflow from operations down -54% y-y. Gross debt up 42% y-y.