South Africa
Revenue
R1 532 million
EBIT
R150 million
Assets
R1 223 million
Liabilities
R359 million
Macroeconmic operating environment
According to the IMF, South Africa’s economy experienced a growth rate of 1.9% in 2023, a notable decline from the 4.7% recorded in 2022. This deceleration in growth can be attributed to several factors, including the adverse effects of load-shedding, volatile commodity prices, and a challenging external environment. The IMF underscored the imperative need for structural reforms in South Africa to address persistently weak economic growth.
In addition to these challenges, the South African economy grappled with supply chain disruptions and logistical infrastructure failures during the year. International procurement complexities further exacerbated the challenges faced by businesses operating in the region. The need for strategic consolidation within the economy was evident, reflecting the urgency for comprehensive measures to enhance efficiency and resilience.
These developments highlight the multifaceted challenges faced by South Africa and emphasise the importance of implementing structural reforms to strengthen the country’s economic foundation and foster sustainable growth.
Regional performance overview
In 2023, the group’s South African business exhibited outstanding performance across all aspects, with the PnS business consistently delivering strong results. Notably, the strategic addition of the Premier account in 2022 and Diageo in 2023 further strengthened the group’s market position and client portfolio. This expansion reflects the group’s commitment to diversification and strategic partnerships, enhancing its capabilities in catering to diverse market segments. In addition, a noteworthy development during the year was the successful diversification into the pharmaceutical channel through the acquisition of the MarketMax operations. This strategic move expands the group’s footprint into new sectors, aligning with market trends and offering opportunities for sustained growth and market leadership. The group’s ability to adapt, diversify, and forge valuable partnerships underscores its dynamic approach and positions it for continued success in the regional business landscape.