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Cashbuild doubles its profit as lockdowns boost desire for home improvement
Southern Africa's largest building materials retailer doubled its headline profit during the six months ended 31 December 2020.
Cashbuild's group revenue jumped 21% to R6.69bn in the period, with new stores contributing two percentage points of the increase.
Basic earnings per share rose by 113% to 1,595 cents, with headline earnings per share also increasing by 102% to 1,541 cents.
The group declared an interim dividend of 724 cents per share, up 66% on the prior interim dividend of 435 cents per share.
RELATED: Cashbuild acquires Pepkor's building company for just over R1b
Cashbuild is set to continue its store expansion, relocation and refurbishment strategy in 2021.
It announced in August that it had agreed to buy Pepkor’s The Building Company for more than R1 billion.
People have certainly found a new love for their homes during lockdown, says Cashbuild CEO Werner de Jager in conversation with Bruce Whitfield.
It's unknown to us... to see such a good demand from May and June onwards. It was totally unexpected.
Werner de Jager, CEO - Cashbuild
In May we saw 12% growth; in June 13% and then from July onwards it was in the 20s!
Werner de Jager, CEO - Cashbuild
De Jager adds it wasn't decorative products doing well but structural building materials like cement, bricks, timber and roofing.
This led to double-digit growth in all the provinces.
He says the acquisition of The Building Company will be a game-changer for Cashbuild, nearly doubling turnover going forward.
There's lots of work ahead and that will be the prime focus for the next year or so.
Werner de Jager, CEO - Cashbuild
Listen to the interview with the Cashbuild CEO below:
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