Following a staggering P370 million loss last year, Choppies has told its shareholders to expect a jump in profits this time around.
The Fast Moving Consumer Goods (FMCG) retailer predicts its profit after tax for the 2021 financial year, which ended on 30 June, will be between 106 – 126 percent better than 2020’s massive loss.
This profit after tax includes money made from discontinued operations which were sold during the current financial period.
In terms of the Listing Requirements on the Botswana Stock Exchange, companies are required to publish a trading statement as soon as they become ‘reasonably certain’ that the financial results will differ by more than 10 percent from the results reported in the previous corresponding period.
With the company currently finalizing its financials, Choppies says it anticipates its profit before tax for the current financial year to be between 1 – 25 percent higher (P105.7 million to P126.7 million) than the P105 million reported last year.
In addition to Botswana, which operates over 80 supermarkets, Choppies also has operations in Zimbabwe, Zambia, and Namibia while operations in South Africa, Kenya, and Mozambique have been discontinued.