Africa’s consumer markets are expanding, but operating across them remains complex.
Fragmented retail channels, diverse regulatory environments and long logistics networks mean that for many brand owners, success depends as much on execution as it does on demand.
This has increased the importance of specialised route-to-market platforms – companies that provide the infrastructure needed to connect brands with retailers across multiple markets.
One such company is CA&S Group.
FY2025 highlights
- Operating profit: R860.88m, up 10%
- Headline earnings per share: 143.72c, 17.1%
- Headline earnings: R690.25m, up 17.9%
- Revenue: R12.81bn, up 2.3%
- Dividend: 28.69c per share, up 17.4%
For the year ended December 31 2025, CA&S reported increased operating profit and headline earnings, and raised its dividend by 17.4%, reflecting strong cash generation despite subdued consumer spend in parts of its operating footprint.
Revenue increased to R12.81bn, compared with R12.52bn in the prior year.
The board declared a dividend of 28.69c per share, up 17.4% from 24.44c declared in 2024.
These results were achieved against softened trading conditions in Botswana as developments in the global diamond market, a key driver of the country’s economy, contributed to currency deflation, affecting consumer spending and prompting a shift towards more affordable products. Despite these conditions, CA&S grew earnings before interest, tax, depreciation and amortisation in Botswana by 13.1%.
Regional expansion
Against this backdrop, CA&S continued to expand its client portfolio across Southern and East Africa.
The group operates a portfolio of fast-moving consumer goods service businesses that connect global and regional brand owners with retail channels through sales execution, distribution, logistics and merchandising capabilities.
Chief executive Duncan Lewis said the results highlight the resilience of the group’s operating model.
“Our strategy is centred on building a scalable route-to-market platform capable of supporting brand owners across multiple African markets,” Lewis said.
A key strategic development during the year was the group’s investment in East Africa.
In February 2025 CA&S acquired a 35% stake in Trapin Holdings Ltd, the Tradco Group, for R108.4m.
Tradco is a Kenya-based trade marketing and distribution business with operations in Kenya, Uganda and Tanzania. The transaction strengthens CA&S’s presence in East Africa and supports its broader regional expansion strategy.
CA&S also continued investing in operational infrastructure. During the year the group approved capital expenditure of R300m for the development of land and buildings in Eswatini.
Following the year end, the group acquired a majority stake in Sunpac (Pty) Ltd, a South African distributor specialising in category management and route-to-market services in the personal-care sector.
The acquisition introduces capability in the private and confined label category, an area of increasing importance for retailers.
As African consumer markets continue to evolve, companies capable of providing integrated route-to-market infrastructure are likely to play an increasingly central role in the sector’s growth.
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