‘Choppies Zimbabwe to return to profitability in 2017’
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