South African grocer SPAR posts 11% rise in annual profit

Reuters
2024/11/28
South African grocer SPAR posts 11% rise in annual profit

JOHANNESBURG, Nov 28 (Reuters) - South Africa's second-biggest supermarket retailer SPAR Group SPPJ.J on Thursday reported an 11.1% rise in annual profit, amid a trading environment marred by inflationary pressures.

The company reported a headline earnings per share, the main profit measure in South Africa, of 917.9 cents for the year ended Sept. 30, up from 826.0 cents posted a year earlier.

"The operating environment across our territories continues to be challenging with ongoing inflationary pressures in food, fuel and energy," the company, which also has operations in the United Kingdom and Ireland, said in a statement.

But these pressures are showing signs of easing in some areas, SPAR added.

The company, which sold its loss making Polish business in September, did not declare a dividend for the year.

($1 = 18.2149 rand)

(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Himani Sarkar)

((Sfundo.Parakozov@thomsonreuters.com;))

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