Shoprite fetched a profit of $8.85 million (about Shs31b) from selling its supermarket stores in Uganda and Madagascar.
According to Shoprite’s financial statements for the period ended July 4, the money was from selling its assets.
However, the South African-based franchise does not reveal the profit gained from the sale of assets in each country.
The company is compelled it reveal its financial statements since it is listed on the Johannesburg Stock Exchange (JSE) and cross-listed on the Namibian and Zambian Stock exchanges.
Shoprite has exited the Uganda, Madagascar and Nigeria markets over what it termed as unsustainable business operations.
According to Shoprite, its Uganda and Madagascar operations made net losses of $1.41 million and $540,865 respectively during the financial year ended July 4.
The sale of Shoprite’s Nigerian subsidiary, which was completed in May 23 realised a net gain of $1.41 million after the business was sold at $35.89 million of which $29.81 million of the amount has already been received.
According to Shoprite, its operations in 14 African countries only contribute 20 percent of the firm’s profitability while the rest of the earnings come from South Africa.
French franchise Carrefour is set to take over the stores of Shoprite Checkers when the South African giant completes its exit from the