Lighthouse Properties-a prominent Malta-based real estate firm led by South African businessman Barry Stuhler-has declared an interim dividend of 25.19 million, highlighting its dedication to shareholder value despite a challenging economic environment.
The dividend, set at 0.01217 0.0112 per share, will be disbursed to investors based on the foreign exchange rate of R19.79/, as of the close of trading on Monday, August 26, 2024.
Dividend decline amidst economic pressuresThe interim dividend for the first half of 2024 represents a 6.45 percent decrease from the 24.01 million 26.82 million paid in the prior half-year period. This reduction is attributed to the firm's cautious stance in response to ongoing economic uncertainties. The decreased dividend reflects the firm's strategy to balance shareholder returns with financial stability amidst fluctuating market conditions.
Lighthouse Properties reported a strong 28.63 percent revenue increase to 49.07 million 46.15 million for the first half of 2024, driven by its diversified real estate portfolio. However, net profit fell 27.83 percent to 14.71 million 16.43 million from 20.38 million a year earlier. This decline led to a reduced interim dividend as the company focused on maintaining financial stability amid economic challenges.
