Nigeria showed healthy sales growth for Shoprite Holdings despite a slump in the price of crude oil and foreign exchange controls, Chief Executive Officer Whitey Basson said in a presentation of results today.
Highlights from the presentation, seen by Nairametrics include:
- Turnover from Nigeria increased by 19.7%, having added two supermarkets to the existing ten.
- They also opine growth in Nigeria will be accelerated by a further eight supermarkets opening for business in the new financial year, to bring the total to 20.
- The Group recorded an exchange rate loss of R132 million as against a loss of R9 million in the corresponding period.
- This was mainly due to the devaluation of the Angolan, Nigerian and Mozambican currencies against the US Dollar during the period under review with the resultant effect on short-term loan balances.
- Import and currency restrictions affected product availability.
- Shoprite focused on new supplier development: 76% of products now sourced locally from 250 suppliers and farmers.
- New exchange legislation impacting speed of property developments and mall occupancy levels.
- 16 stores currently trading with six confirmed openings by December.
- Distribution centre secured in Lagos will improve product availability.
- Largest population and economy in Africa ‐ Shoprite are in for the long run.
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