OPERATIONAL REVIEW
The group delivered satisfactory results for the sixmonth period ended 31 October 2022 . The period was characterised by several factors which impacted our business , including the continuation of good agricultural production and commodity price cycles , as well as specific operational and macro-economic challenges . The group realised the highest six-month results in its existence , which is an indication of a business that is able to react to favorable business cycles .
Turnover increased by 30 % against the comparative period and headline earnings surpassed its previous record of R302 million by 30 %, namely to R392 million . The balance sheet followed this same trend since year-end and cash of R918 million ( previous year inflow of R659 million ) was generated from operating activities during the first six months of the financial year .
Cost control , efficiencies and capital allocation remain a management focus area , especially given increased inflation and trading margin pressures .
SEGMENTAL RESULTS
October 2022 R ’ m
October 2021 R ’ m
Market Access |
223 |
168 |
Grain cluster |
223 |
168 |
Input Supply |
299 |
221 |
Equipment cluster |
215 |
119 |
Retail cluster |
61 |
59 |
Wholesale cluster |
23 |
43 |
Financial Services |
80 |
80 |
Credit cluster |
67 |
70 |
Insurance and advice cluster |
13 |
10 |
Processing , Conditioning and Markets |
63 |
56 |
Manufacturing cluster |
44 |
51 |
Meat cluster |
11 |
1 |
Milling and Petfood cluster |
8 |
4 |
Profit from operational activities |
665 |
525 |
Corporate costs |
( 55 ) |
( 75 ) |
Consolidation entries , abnormal and sundry items |
( 40 ) |
( 26 ) |
Profit after interest , before tax |
570 |
424 |
Tax |
( 138 ) |
( 107 ) |
Profiit after tax , before non-controlling interest |
432 |
317 |
Non-controlling interest |
( 40 ) |
( 15 ) |
Profit after tax |
392 |
302 |
During the prior financial year , management reorganised the business to become more specialised in terms of reporting . The Processing , Conditioning and Markets segment was therefore reported separately . Consequently , the comparative figures were reclassified to accommodate the change .
SENWES INTERIM RESULTS OCTOBER 2022
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