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Shoprite Group, Africa’s largest food retailer, has reported an impressive growth in its annual sales and profit despite the impact of low commodity prices and the devaluation of currencies across the continent’s major economies.

The Johannesburg-listed company said on Tuesday that sales rose 14.4 percent to 130.03 billion rand ($9.6 billion) during a 53-week period to June 30, 2016, compared with R113.69 billion ($8.4 billion) posted last year for a 52-week period.

Similarly, pre-tax profit rose 14.4 percent to R6.85 billion ($506 million) this year as against R5.98 billion ($442 million) last year.

“We are delighted with the overall results we have achieved on the back of a record one billion transactions in a single year, but especially with those from beyond South Africa’s borders,” said Whitey Basson, Shoprite’s CEO. “We see the rest of the African continent as the source of much of our future growth. Like any market, the continent has its problems, but after more than 20 years of trading here, we have gained the knowledge and experience to deal effectively with the challenges it presents.”

Basson attributed Shoprite’s overall performance to the company’s pricing advantage, which protected profit margins even with rigorous cost controls and highly effective operating systems.

In South Africa – which accounts for 80 percent of Shoprite’s total supermarket turnover – the company said sales grew by 10.9 percent to R94.17 billion while trading profit stood at R5.81 billion.

During the reporting period, Shoprite said it opened an additional 57 supermarkets to bring its total number of supermarkets across its four operating brands in South Africa to 964. The Shoprite brand, with 439 stores, remained the Group’s flagship brand.

“Our two major supermarket brands – Shoprite and Checkers – are positioned to serve the specific needs of their individual target markets,” Basson said. “The repositioning of Checkers over the last few years has seen it become the supermarket of choice for a great many higher-income consumers while Shoprite has, over a period of 40 years, remained true to its promise of offering the lowest prices.”

Outside South Africa, Shoprite said it achieved excellent results notwithstanding the stagnant commodity prices, difficulty in access to foreign currency, and slower growth in several of the 14 countries where it operates.

Shoprite said it opened 22 supermarkets during the review period, mainly in Angola, Zambia, and Nigeria, increasing total supermarkets outside South Africa to 207.

“Angola was the star performer as, unlike most other retailers, the Group was not restricted in its trading by the country’s severe lack of foreign exchange. In fact, it was able to replenish its 29 supermarkets, spread throughout the country, on an almost continuous basis,” Shoprite said.

The food retailer said although trading conditions in Nigeria were extremely demanding due to import restrictions, a collapsing oil industry and lack of foreign exchange, the Group has continued to grow its presence, opening seven supermarkets during the reporting period with another four to follow in the new financial year.

Shoprite said basic earnings per share rose 17.4 percent to R9.05 this year compared with R7.71 posted last year.

As at 10.05AM today, the company’s stock rose 1.8 percent to R202.57 on the Johannesburg Stock Exchange (JSE). The stock has gained 42 percent this year and is the best performing non-mining company on the FTSE/JSE Africa Top 40 Index, according to Bloomberg.