Bidvest

HY 2024 results: Revenue +9% to R62bn. Trading profit +12% (Trading margin +40bps to 10.5%) tourism & commercial was a positive. 5/7 divisions double digit trading profit growth. Expenses only +3.6%. Dividend +7%. HEPS +5.3% to 988c, below BB est. ROIC -50bps to 15.8% (above WACC). ROFE +70bps to 38%.
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