Pick n Pay’s Zim partner shows strong earnings growth
By Malcom Sharara - Apr 20th, 15:21
Harare - TM Supermarkets, the Zimbabwe-based associate of Pick n Pay [JSE: PIK], recorded strong performance for the 52 weeks ended February 26, 2017.
According to an earnings report released on Wednesday, Pick n Pay said its share from the associate’s profits were up 74.7% driven by successful collaboration between TM and Pick n Pay, and strong trade from rebranded Pick n Pay stores.
“The group's share of TM's earnings grew 74.7% on last year to R80.2m, representing growth in local currency terms of 71.8%,” said Pick n Pay in the statement."
Pick n Pay said the results were achieved in a tough macroeconomic environment characterised by liquidity constraints, rising unemployment and falling consumer confidence.
TM Supermarkets has 56 stores in Zimbabwe, 16 of which trade under the Pick n Pay banner.
Going forward, Pick n Pay says it looks to maintain progress in Zimbabwe.
Pick n Pay’s partner in the associate, Meikles Limited recently received an acquisition bid from a Dubai-based entity, Albwardy Investment, which has business interests in hospitality, retail and agriculture.
Meikles, which listed on the Zimbabwe Stock Exchange on April 7, published a cautionary statement saying discussions relating to a possible offer to its shareholders and the subsequent delisting from the ZSE remain ongoing.Fin24.com
Pick n Pay boosts Zim partner's earnings
05/08/2016 - 13:58
Harare - A strong performance from Pick n Pay [JSE:PIK] and its sister grocery retailer TM Stores saw Meikles Limited record a 10% growth in turnover in its supermarkets segment.