logo

Massmart scraps dividend after tough year

PUBLISHED: Thu, 29 Aug 2019 10:53:04 GMT

Share

The second largest distributor of consumer goods in Africa, Massmart has scrapped its dividend after widening its headline losses for the first time in 5 years by 490 per cent to R796.6 million. Like its counterpart Shoprite, Massmart is also battling with currency weakness in Africa with a R81.9 million loss in foreign exchange. The group’s trading profit has also decreased by 52 per cent. CNBC Africa is joined by Guy Hayward, outgoing CEO of Massmart.


Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.