Forecasts profits growth of between P25m and P28m on last year’s
GAZETTE REPORTER
Botswana’s largest retail supermarket by market capitalisation, Sefalana, expects their profit before tax for the six month period ended 31 October 2020 to increase by almost 23 percent, the group announced in their cautionary statement published in the Botswana Stock Exchange (BSE) website on Monday.
In terms of the Listings Requirements of the (BSE), companies are to announce through the BSE any circumstances or events that have or are likely to have a material effect on their financial results for the period to be reported upon next.
According to Sefalana, they expect their group profit for the period under review to be between P25 million and P28 million higher than that reported for the comparative period ended 31 October 2019, which amounted to P121.1 million.
Sefalana first operated outside Botswana in 2014 when they extended their business into neighbouring Namibia, opening their first store at Katima Mulilo in January of that year. In July 2014, Sefalana purchased the Metro Group’s 12 stores, still in Namibia. In November 2015, they took over an additional store in Swakopmund, bringing their total store complement in Namibia to 14. According to the company’s website, they are in a constant lookout in Botswana’s neighbour to the west as they work towards their medium-term target of 20 stores across there.
On top of the Namibian market, the company spread their investment wings to Lesotho in 2016, entering the mountainous kingdom’s market through a takeover of its largest distribution and logistics company, TFS Wholesalers, Distribution and Logistics, in Maseru. The retail giant last year announced that they were tapping into the Australian market.
Sefalana has a total of 74 stores across three countries along with three motor dealerships, MAN, TATA and Honda.