Homegrown retail chain, Choppies Enterprises, expects its pretax profits for the half year ended December 31, 2021 to be as much as 56% higher than the previous year, in terms of continuing operations.
In a notice to investors this week, directors said this percentage translates to pretax profits of as much as P139 million for the half year to December 2021, compared to P88 million for the previous corresponding period.
After-tax profits for both continuing and discontinued operations could be as much as 194% higher translating to as much as P112 million in after tax profit for the period. During the financial year 2020, Choppies decided to discontinue its operations in Kenya, Tanzania, Mozambique and South Africa.
The Mozambique operations were closed and the assets transferred to Choppies Zambia. The group is finalising the liabilities of its discontinued operations and these remain reflected on its books.
While directors did not give reasons for the expected higher profits for the half year to December, footfall traffic is expected to have increased for Choppies during the period, as government eased COVID-19 related restrictions.