CA Sales Holdings (CAA) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 increased by 4.0% year-over-year to R5.96bn, with operating profit up 9.6% to R335m and headline earnings per share (HEPS) rising 16.1% to 50.44 cents.

• Net asset value per share grew 17.3% to 684.69 cents, reflecting strong balance sheet growth.

• The business model focuses on providing route-to-market solutions for global consumer brands in emerging African markets, earning service fees rather than product margins.

• Strategic priorities include geographical and product portfolio expansion, digital transformation, and operational efficiency.

• No interim dividend declared, consistent with annual dividend policy.

Financial highlights

• Revenue: R5.96bn (H1 2024: R5.73bn), up 4.0% year-over-year.

• Operating profit: R335m (H1 2024: R305m), up 9.6%.

• EBITDA: R400m, up 11.7% year-over-year.

• HEPS: 50.44 cents (H1 2024: 43.45 cents), up 16.1%.

• Free cash flow for H1 2025 was R26m, down from R344m in H1 2024, due to higher net investments and capex.

Outlook and guidance

• Strategic focus on expanding geographic footprint, product and service offerings, and accelerating digital and data integration.

• Continued investment in East Africa and sub-Saharan core markets.

• Optimistic about Southern and East African prospects, citing robust economic growth and urbanization.

• R20bn revenue is positioned as a milestone, not the final target.

• Focus remains on disciplined cost control and strategic investment to capitalize on regional opportunities.