Published On: Thu, Oct 21st, 2021

Clicks invests over R800 million in expansion

Clicks

Clicks

by SAVIOUS KWINIKA
JOHANNESBURG – CLICKS, the retail-led healthcare group, plans to invest R846 million (US$58,3 million) in new stores and pharmacies as well as refurbishing some damaged during the civil unrest in July.

The capital investment planned for the new financial year will include 25 to 30 new stores and 30 to 35 new pharmacies.

This in addition to the acquisition of 25 Pick n Pay pharmacies recently approved by the Competition Commission.

Clicks disclosed the developments as it released its annual results for the year ended August 31, 2021.

The Johannesburg Stock Exchange-listed firm reported losses amounting to R726 million during the civil unrest in South Africa in July.

It has made the claim from the South African Special Risks Insurance Association (SASRIA) for the damages.

The first interim payment of R217 million (net of VAT) has been received.

The civil unrest in Gauteng and KwaZulu-Natal resulted in 53 stores and two of the group’s distribution centres looted and damaged.

Currently, eight of the stores remain closed, with seven expected to reopen in the 2022 financial year and the final store in the 2023 financial year.

“The civil unrest in KwaZulu-Natal in July 2021 had a significant impact on the group’s financial results and the disclosure of the performance has been adjusted for this impact,” it stated.

However, Clicks described its performance during the financial year as resilient with robust turnover growth.

That was also despite the ongoing impact of COVID-19 on consumer shopping behavior.

Group turnover increased by 10,2 percent to R37,3 billion.

Adjusted total income grew by 8,4 percent to R10 billion.

Adjusted group operating profit increased by 8,2 percent to exceed R3 billion.

Dividend of 490 cents per share has been declared.

– CAJ News

 

 

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