PUBLIC-listed supermarket chain RB Patel Group Limited posted a $93million turnover for the half-year ending December 31, 2024 – an increase of just over 3.4 per cent over the $90m recorded in the previous year.
The group also recorded a slight decrease in its operating profit of $7.2m for the six months, against last year’s $7.6m.
Its half year financial statement released by the South Pacific Stock Exchange (SPX) reported a profit after tax of $5,433,915 compared to $5,712,128 recorded in the corresponding period in 2023.
“Operating revenue grew by 3.3 percent over last year even with subdued consumer sentiment and inflationary pressures,” RB Patel Group board chairperson Kamal Haer said in the company’s market announcement issued by the SPX where it is listed.
“The result is reflective of an extremely competitive space where we continue to see new players entering the industry,” she said.
Ms Haer said income from other sources, which was mainly rental from properties, remained almost the same – a 0.14 percent increase from $2,957,514 in the six months to December 31, 2023, to $2,953,449 for the six months ending December 31 last year.
She said during those six months, the company had also commenced preparatory work on some of the land acquired during the previous financial year.
She said compliance and approvals from regulatory bodies “had been very challenging”.
“Your company is expected to meet its plans for this year, failing any major unexpected economic shocks,” Ms Haer said.
“We also remain well placed to take advantage of the opportunities that arise.”
Last Friday, the group declared an interim dividend of $0.02 cents per share, totalling $3million to be paid by February 28 this year.
RBG shares last traded at $2.95 on SPX when this edition went to press.
