Despite facing the most challenging business environment since its inception, Remgro, the investment holdings company chaired by billionaire Johann Rupert, has announced a remarkable 60% increase in its full-year dividend payout.
- The group, which holds significant stakes in companies such as OUTsurance, RCL Foods, and Discovery, reported an 8.9% rise in headline earnings per share (Heps) for the fiscal year 2023.
- In its latest financial results, Remgro declared a final gross dividend of 160 cents per share, up from 100 cents in the previous year, bringing the total dividend for FY2023 to 240 cents per share.
- The company’s intrinsic net asset value per share as of June 30, 2023, rose by 16.6% to R248.47.
- Remgro acknowledged the multitude of economic challenges it faced, including load shedding, high inflation, interest rate hikes, electricity price hikes, foreign exchange volatility, geopolitical tensions, and concerns regarding crime and corruption.
- Despite these challenges, Remgro expressed confidence in the resilience of its investment portfolio, emphasizing the successful completion of transformative corporate actions.
- The market response to Remgro’s results was mixed, with a marginal decline in the share price following the announcement, although the stock has seen a year-to-date increase of approximately 17%.