Market share growth in Zim pockets Pick n Pay (SA) R56.6 million

Tapiwanashe Mangwiro
Pick n Pay (SA) released its results for the 23 weeks to August 2021 in which it reported a resilient performance under difficult circumstances according to the company’s statement.

The giant retailer owns 49 percent of Meikles owned TM Supermarkets, trading under the name TM Pick n Pay.

The retailer said its Zimbabwe operations delivered a resilient performance under the difficult operating environment.

Pick n Pay’s TM earnings per share before any hyperinflation net monetary adjustments, grew 91,2 percent year-on-year to R56,6 million (US$3,2 million).

In South Africa the period was associated with a civil unrest which led to destruction of property.

In Zimbabwe, an extended level 4 lockdown reduced operating hours leaving the retail outlet to suffer revenue loss.

However, a reassessment of the company’s fair value of investment was reported at R70,8 million (US$4,89 million), as it praised the strong local performance and the resumption of dividend payments which are successfully being remitted to South Africa.

This was a 13,46 percent growth in fair value of investment from the R62,4 million (US$4,3 million) recorded in the same period last year.

Overall, the group delivered a turnover growth of 4,1 percent at R46 billion (US$3,17 billion) over the first half of the 2022 financial year.