‘Chop­pies Zim­babwe to re­turn to prof­itabil­ity in 2017’

Chronicle (Zimbabwe) - - Front Page -

ago and now com­mands 30 branches hav­ing cre­ated more than 2 000 jobs to lo­cals.

In a state­ment ac­com­pa­ny­ing the group’s full-year re­sults chief ex­ec­u­tive of­fi­cer Mr Ra­machan­dran Ot­ta­p­athu said al­though the Zim­bab­wean di­vi­sion in­curred losses due to “de­pressed eco­nomic con­di­tions”, they were ex­pect­ing it to be prof­itable in the com­ing year.

He noted grow­ing foot­fall (the mea­sure­ment of the num­ber of peo­ple en­ter­ing a shop) as one of the fac­tors for the op­ti­mism go­ing for­ward.

“Foot­fall in­creased strongly demon­strat­ing the de­sire of cus­tomers to shop at Chop­pies (Zim­babwe). Re­newed man­age­ment fo­cus has re­sulted in im­proved mar­gins in re­cent months. We an­tic­i­pate re­turn­ing to prof­itabil­ity in the com­ing year,” he said.

Chop­pies Zim­babwe is owned by Nanavac In­vest­ment (Pvt) Ltd and 49 per­cent by Chop­pies En­ter­prises.

Mean­while, at group level, Chop­pies re­ported head­line earn­ings per share of 7,25 thebe (ap­prox­i­mately 9,48c) for the full-year, down from 16,92 thebe pre­vi­ously.

Turnover, how­ever, in­creased 24 per­cent to 7,4 bil­lion pula, while profit rose 12 per­cent to 1,44 bil­lion pula.

Chop­pies En­ter­prises is the lead­ing su­per­mar­ket gro­cery re­tailer in Botswana, with over 50 per­cent mar­ket share of the for­mal gro­cery re­tail chan­nel.

The group cur­rently op­er­ates 124 su­per­mar­kets across Botswana, South Africa and Zim­babwe, and is listed on the Botswana Stock Ex­change. — BH24

Mr Bu­sisa Moyo

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