Steinhoff profits up

South Africa-based retail group Steinhoff International has reported a 13 percent rise in half-year operating profit, along with a 48 percent increase in revenue. This as recent acquisitions bolstered sales.

Steinhoff said in a statement:

"Excluding the recent strategic acquisitions, the company's retail business achieved total organic revenue of 7.2 billion euros amidst volatile markets and currencies, translating to 9% organic growth."

Steinhoff chief executive Markus Jooste (pictured) has said that geographical and product diversification in a resilient discount market have helped the company to achieve solid revenue and operating margins. According to Steinhoff, the company's operating profit rose to a little more than $1 billion in the six months to end-March.

After withdrawing from a deal that would have seen it merge its African assets with Shoprite, Steinhoff said in May that it intended to separately list its African businesses on the Johannesburg Securities Exchange.