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Boxer reports strong performance with 5.3% earnings growth

Cape Times

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October 14, 2025

LEADING grocery discounter Boxer Retail comfortably met its IPO forecasts, increasing headline earnings a share by 5.3% in the 26 weeks ending August 31 after trading firmed in the second quarter.

- EDWARD WEST

Net cash surged to R1.1 billion, up from R180 million at the last year-end. The strong trading momentum, solid operational execution, and progress on strategy resulted in an inaugural post-IPO dividend of 45.30 cents per share, representing a 40% payout ratio.

"Boxer accelerated turnover growth, maintained a consistent trading profit margin, and absorbed additional JSE listing-related costs while delivering headline earnings growth and strengthening its balance sheet. In terms of the bottom line, we were probably at the higher end of our guidance," said CEO Marek Masojada in an interview on Monday.

Turnover increased by 13.9% to R22.5bn, with like-for-like sales rising by 5.3%, significantly outpacing internal selling price inflation of -0.7%. Trading profit also saw a substantial increase of 15.1%, reaching R931m, while the trading profit margin held steady at 4.1%.

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