Remgro upped its ordinary dividend payment for the year to June by 10 to 264 cents per share, despite suffering an 18.8 plunge in headline earnings per share, although its intrinsic net asset value per share held the fort through a marginal increase of 1 to R251.01 per share.
Despite highlighting challenges it faced during the year under review including infrastructure and logistics challenges, as well as political uncertainty ahead of the May 29 elections the company yesterday noted macroeconomic improvements in South Africa.
It highlighted the substantial reduction in load shedding and, more recently, a reduction in fuel prices as positive for South Africa.
Since the May 29 election, and post establishment of the Government of National Unity GNU, investor sentiment towards South Africa has improved and we too believe there is reason to be hopeful about improved economic prospects, said Remgro chairman Johann Rupert.
While its headline earnings per share HEPS fell by 18.8, headline earnings in Remgro decreased by 20 R5.6 billion.
