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South African mogul Christo Wiese-linked Pepkor posts $2.4 billion half-year revenue

In 2014, South African billionaire Christo Wiese sold Pepkor to Steinhoff International in exchange for a 20 percent stake in Steinhoff.

Christo Wiese
Christo Wiese

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Key Points:


  • Pepkor’s revenue surged 9.5 percent year-over-year, reaching a record R43.3 billion ($2.37 billion) in the first half of 2024.
  • FinTech revenue jumped 24.5 percent to R5.8 billion ($316.47 million), now comprising 13 percent of total revenue and 10 percent of operating income.
  • Traditional retail saw robust growth with Pep, Ackermans, and JD Group reporting double-digit and high single-digit sales increases, respectively.

Pepkor Group, the investment holding company linked to South African billionaire Christo Wiese, reported an impressive financial performance in the first six months of its 2024 fiscal year as its revenue climbed 9.5 percent year-over-year to a record R43.3 billion ($2.37 billion), driven by resilience in its traditional retail segment.

Revenue climbs, fintech gains traction

Pepkor’s recently released results for the period showed a 9.5 percent year-on-year rise in revenue, from R39.53 billion ($2.16 billion) to R43.26 billion ($2.37 billion). This growth was fueled by robust sales growth, margin improvement, and momentum in the company’s FinTech strategy. Pepkor boasts a strong store footprint exceeding 5,800 locations.

FinTech revenue surged 24.5 percent to R5.8 billion ($316.47 million), contributing 13 percent to group revenue and 10 percent to operating income. Retail revenue also rose, climbing 8.6 percent year-on-year from R37.99 billion ($2.07 billion) to R41.25 billion ($2.25 billion). However, profit for the period dipped 17.12 percent, falling from R2.99 billion ($163 million) to R2.47 billion ($135.1 million).

“Robust Trading” in Traditional Retail

Commenting on the results, Pepkor highlighted the success of its traditional retail segment, which saw continued strength in Q2. “Our Easter trading period was successful on a comparable basis, with double-digit sales growth achieved by Pep, Ackermans, and the Specialty division, and high single-digit sales growth in JD Group,” the company stated. “Additionally, the group’s overall market share expanded on a three-, six-, and 12-month basis.”

Balance sheet snapshot

Pepkor, a South African investment and holding company, owns retail chains across Africa, Australia, and Eastern Europe, offering apparel, footwear, textiles, and accessories. In 2014, South African billionaire Christo Wiese sold Pepkor to Steinhoff International in exchange for a 20 percent stake in Steinhoff. Recently, Pepkor added 111 new stores, bringing the total to 5,823.

Despite its resilient financial performance, the company’s total assets decreased by 2.46 percent year-on-year, from R113.41 billion ($6.2 billion) to R110.63 billion ($6.05 billion) in the first half of 2024. Retained earnings increased by 101.19 percent, from R3.52 billion ($192.44 million) to R7.09 billion ($387.15 million).

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