The Mr Price Group released its annual results for the year ended 30 March 2024, revealing strong profit growth in its telecoms segment.

The segment’s profit grew 55% year-on-year, from R85 million for the 2022/23 financial year to R133 million in 2023/24.

It’s important to note that these profit figures are before finance costs and finance income.

At the same time, retail sales in the telecoms segment increased by 10.2%. It reported retail sales of R1.063 billion in 2022/23.

This grew to R1.171 billion in the 2023/24 financial year.

It also generated R185 million in other revenue in the telecoms segment, up from R150 million the year before.

The Mr Price Group expanded the footprint of its standalone Mr Price Cellular stores, bringing its total network of brick-and-mortar locations to 804.

“Mr Price Cellular standalone stores continued to perform strongly,” it said.

“Cellular handsets and accessories gained 80 [basis points] of market share according to GfK.”

This shows that its market share continues to grow, although the rate slowed over the financial year.

In its interim results for the first 26 weeks of the financial year, Mr Price said the cellular division had gained 120 basis points of market share.

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