Retailer Pick n Pay, whose operating brands include Boxer and TM Supermarkets, has upped its dividend for 2022 by almost a quarter, reporting that success in its cost-cutting efforts has also allowed it to restrict selling price increases to less than half of food inflation.

Group turnover rose 5.2% to R97.9bn in the retailer’s year to end-February, with profit up 25.6% to R1.21bn, despite R2.7bn in lost sales as a result of last July’s riots and continued restrictions on liquor sales...