Pepkor Holdings, owner of discount retailer brands Pep and Ackermans, on Friday reported a 28.3% rise in half-year earnings, benefiting from a payout resulting from a global claims settlement by parent company Steinhoff.

Steinhoff International earlier this year started a series of payments to shareholders who lost money when Steinhoff’s shares plunged following the discovery of an accounting fraud in 2017.

Pepkor recovered its exposure to Steinhoff shares via the investment company Business Venture Investments.

Headline earnings per share rose to 91.5 cents in the six months ended March 31, up from 71.3 cents a year earlier, while operating profit jumped 19.1% to R5.7 billion ($363.16 million).

On a net basis, the Steinhoff settlement benefited results in the half year to March 31 by R429 million or 12 cents per share, Pepkor said.

The retailer, with more than 5 700 stores across Africa, reported revenue growth of 3.3% to R42 billion driven by a stronger second quarter as budget-conscious shoppers flocked to its discount chains.