CA Sales delivers solid figures in tough conditions | Fin24
 
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CA Sales delivers solid figures in tough conditions

Sep 06 2019 21:57
Compiled by Carin Smith

CA Sales Holdings, duel listed on the Botswana Stock Exchange and 4 Africa Exchange has, despite a tough trading environment, produced solid results in the six months to June 2019.

It is a sales and distribution services provider for fast moving consumer goods in Southern Africa.

Headline earnings per share increased by 59.3% to 16.3 cents (2018: 10.2 cents) following a 60.4% increase in headline earnings to R73.3m (2018: R45.7 million). Revenue increased by 20.6% to over R2.9bn from R2.4bn, mostly through organic growth.

Total assets increased by 14.6% to R2.6bn due to the increase in right-of-use assets in accordance with IFRS16, as well as a significant increase in working capital, mainly due to the increased revenue.

Announcing the results CA Sales CEO, Duncan Lewis, said the results are very pleasing considering the head winds in some of the territories in which the group’s businesses operate.

"The growth was underpinned by a good overall performance from all the major operations. The Botswana operations remains the key contributor to performance with a 58% contribution to revenue. Wutow in Namibia has increased its contribution to earnings despite the region grappling with a declining economy."

CA Sales aims to continue its expansion by growing its principal and customer networks and making value-adding acquisitions, broadening its footprint further across the African continent.

While it is expected that the challenging economic environment and difficult trading conditions will continue for the time being, the group is well positioned to weather conditions with a strong balance sheet and a diverse geographical presence across Southern Africa.

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