By focussing on profitability rather than turnover, CAPS Holdings managed to turn around from a loss of $115.3 million to a profit of $10.8 billion.
Sales increased by 412 percent from $7.9 billion to $40.4 billion but operating profit shot up from $2 billion to $14.9 billion.
The company had an exchange gain of $5.1 billion boosting profit before tax from $732.8 million to $17.5 billion.
It paid interest of $2.9 billion during the year, $1.8 billion being in the fourth quarter only when interest rates had soared over 1000 percent.
Caps Rallies changed its name to Caps Shreya after Rallis India was bought by Shreya Life Sciences.
The company improved output during the second half, but this was below expectation because of difficulties in making payment for raw materials.
Autosterile was completely turned around and will no longer be disposed of.
Sales at Geddes grew by 5856 percent.
QV Pharmacies also did well despite declining volumes due to declining incomes but profit before tax grew b 847 percent.
Caps Botswana made a profit of P390 000 up from a loss of P829 000 the previous year.
Caps South Africa increased profitability by 349 percent.
The company says profitability of its exports had been negatively impacted by the new exchange rates but it had decided to continue with exports in order to retain its markets as it was difficult to re-enter the markets after a period of absence.