Business South Africa

Thanks to it’s Australian properties, South Africa’s Woolworths manages to pay 91% of debt

A South African grocery food chain that specializes (vegetables, fruit, meat, packaged foods, etc.) but also sells magazines, DVDs, health and beauty products, household products, pet and baby supplies, and stationery.

The Woolworths group had been in a debt of more than R17 Billion that they recently managed to pay off 91% of it, this was as a result of selling their properties, ‘Bourke Street Mens’ and ‘Elizabeth Street’ which produced a worth of A$620.0 million (R9 billion).

The group recently released it’s yearly results and it shows improvement in its sales increasing by 9.7% to R85.9 billion and headline earnings per share increased by 213% to 374.4 cents per share.

Their online sales also showed an increase of 118%. “The Woolworths Food business grew both market share and volumes during the period despite the high base set in the prior year driven by stockpiling ahead of the first lockdown,” said the group.

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