Sefalana profits soar
Sefalana Holdings Limited continues to reap soaring profits despite the challenging trade conditions of high inflation and supply interruptions.
The company announced that its Group profit before tax for the half year period ended 30 October 2022, will be between 25 percent and 28 percent ( approximately P38 million to P43 million) higher than that reported for the comparative half year period ended 31 October 2021, which amounted to P153 million. Sefalana will be publishing its consolidated financial results of the Group for the 27 week period ended 30 October 2022 by the end of January 2023. In its year ended April 2022, the group recorded 15 percent increase in profit to P334 million. Commenting on the published results, Sefalana Group Managing Director, Chauhan Chandra said they have consistently been able to report good performance over the past 10 years. “We are proud to be able to do so once again. This comes at a time when many organizations locally and across the world are reporting downward trends.” Despite trade uncertainties, the group continues to look for further growth opportunities. In her comment on the Groups 2022 annual Report, Sefalana Executive Chairperson, Jeniffer Marinelli said Innovation and diversification into new product offerings and into new territories has enabled the group’s growth over recent years. “Our preference share investment was redeemed in August 2022 after five years of very positive returns. This helped fund our expansion into Australia where we now have nine stores and soon will acquire an additional three stores.” She said they aim to continue to re- invest into the Australia business for the next five years. “We are confident that this will become an even more important part of the Group operations as time goes by and the hard currency exposure will serve the Group well.” However, she said the Group has seen worldwide inflation set in, following the conflict between Russia and Ukraine and the business is not shielded from the knock- on effects of this conflict, as many key commodities consumed by market originate from that area.