Reinet’s net asset value decreased by 2.9% in the last financial year.
- The company attributed this drop to the decrease in value of “certain underlying investments; in particular, the decrease in the share price of British American Tobacco over the year and the weakening of sterling against the euro”.
- BAT’s share price has fallen by 23.68% over the past year.
- Reinet’s investment in BAT amounted to €1.56 billion (R32.21 billion) at the end of the reported period.
- This is a decrease from the year prior when the value of Reinet’s BAT investment totalled €1.83 billion (R37.77 billion).
- Reinet received €122 million (R2.52 billion) in dividend income from BAT in the last financial year.
- BAT’s first 2023 quarterly dividend was paid on 3 May 2023 and has been included as a receivable in the NAV as at 31 March 2023.
- BAT is known for its high and consistent dividends and currently offers a dividend yield of over 8%.