Staff Writer
Choppies Enterprises shareholders have endorsed all resolutions presented at the retailer’s 2025 annual general meeting, held on 28 November.
Results released on the Namibia Stock Exchange show that 93% of the company’s 1.82 billion shares were represented at the meeting.
All ordinary and special resolutions passed, including the adoption of the audited financial statements, the remuneration policy, and the appointment of Forvis Mazars as external auditors.
Shareholders confirmed the appointment of Natalie Graaff as a non-executive director with full support.
The re-election of two directors drew more mixed backing. Uttum Corea received 75% approval, while Valentine Chitalu secured 84% of votes cast.
Support for remuneration matters was lower than for board appointments.
The remuneration policy passed with 84% support, and 77% backed its implementation. Shareholders also ratified dividends of 1.6 thebe per share paid in May and 0.6 thebe per share paid in November.
A special resolution allowing the company to make charitable donations, capped at 1.5% of EBITDA for the 2026 financial year, passed with 77% support.
Choppies remains primarily listed on the Botswana Stock Exchange, with a secondary listing on the Johannesburg Stock Exchange.
In September, the group reported mixed performance across its Southern African operations for the year ended 30 June 2025. In Namibia, sales increased 42.3%, with like-for-like sales up 33.06%.
EBITDA rose 220%, while EBIT losses narrowed from BWP14 million (N$18 million) to BWP9 million (N$11.7 million).
In Zambia, sales grew 12.4% in pula terms and 26.7% in kwacha value. Like-for-like sales rose 2.8% in pula and 15.8% in kwacha. The segment opened nine new stores and closed one.
Currency depreciation and drought-related power shortages pushed diesel costs to BWP35 million from BWP9 million the previous year. Adjusted EBITDA grew 19%, and adjusted EBIT increased 37.7%.
Choppies exited Zimbabwe in December 2024 after selling the segment’s net assets to a regional supermarket chain. In Botswana, sales rose 11.4% to BWP5.66 billion, with like-for-like sales up 7.1%.
EBITDA increased 8%, but higher costs weighed on profit. The Liquorama liquor division grew sales by 13.2% and added 10 new stores, but EBITDA dropped 65.9%, and EBIT fell to a BWP18 million loss from a BWP14 million profit due to margin pressure and rising expenses.
Caption
Valentine Chitalu
- Photo: Contributed
