On September 2, RB Patel Group Limited announced a final dividend of 3.5 cents per share, totaling $5,250,000, which is set to be paid by October 1. This payment will bring the total dividends for the financial year to 5.5 cents per share, amounting to $8.25 million.
The company’s audited financial statements for the year ending June 30 indicate an 8.4% increase in revenues, reaching $184 million, alongside a 16% increase in profit from operations, which stands at $18.2 million. Additionally, the net profit after tax experienced a significant rise of 62.2%, totaling $12.5 million, despite the challenges posed by higher tax rates.
Kamal Haer, the Chairperson of the company, emphasized that this dividend is the highest declared since the company’s listing, excluding last year’s exceptional dividend. She also mentioned the company’s recent acquisitions in property for future developments.
Haer noted the competitive landscape of the supermarket industry and recognized the positive effects of tourism on Fiji’s economic recovery while voicing concerns about global economic disruptions and climate-related natural disasters.
The dividend is pending necessary approvals and adheres to relevant regulations.