Bidcorp, a leading broad-line food service company led by Johannesburg-based executive Bernard Larry Berson, has announced a remarkable financial performance, surpassing expectations with its revenue exceeding the $6 billion mark at the end of the company’s 2023 fiscal year.
The recently released unaudited financial results unveiled a significant surge in revenue for Bidcorp under Berson’s leadership. The company’s revenue surged by nearly 24 percent, climbing from R91.8 billion ($4.87 billion) in the first six months of 2023 to R113.8 billion ($6.04 billion) in the initial half of the company’s 2024 fiscal year.
Bidcorp’s exceptional performance was notably buoyed by its European business segment, which witnessed record levels of revenue and trading profit during the final half of the 2024 fiscal period.
Bidcorp’s global dominance: Headline earnings per share surges 18.6 percent in 6-month period
Since its spin-off from Bidvest in 2016, Bid Corp’s business model has consistently demonstrated its relevance and scalability, achieving impressive financial results while offering extensive food service solutions across various regions, including Africa, Asia, Australasia, Europe, the Middle East, South America, and the UK.
Highlighting the company’s robust market position and operational efficiency, Bidcorp saw its headline earnings per share (HEPS), a key profitability metric in South Africa, surge by 18.6 percent in the six months ending December 31, reaching R11.524 ($0.609) from R9.72 ($0.514).
Bidcorp CEO Bernard Berson applauds record revenue and expansion across 35 countries
Bernard Berson, who has been the CEO of Bidcorp since 2016, commended the exceptional revenue figures and financial performance. He emphasized the company’s expansion across 35 countries and its real growth above inflation in European business territories.
With nearly three decades of experience, Berson has played a key role in leading acquisitions and strategic planning. He highlighted the company’s strong position in the European market and continued investment in AI for dynamic pricing and digital commerce.
This focus on proprietary technology has contributed to sustained growth and recent improvements in the company’s financial performance, with its trading profit surging by 25.8 percent, reaching R5.9 billion ($312.15 million) for the half-year ending Dec. 31, 2023.
In a gesture reflecting its commitment to shareholders, Bidcorp’s directors declared an interim cash dividend of R5.25 (R4.2 net of dividend withholding tax) per ordinary share. The dividend will be distributed to registered members on the record date, set for Fri., March 22, 2024.
