On September 2, RB Patel Group Limited declared a Final Dividend of 3.5 cents per share, amounting to a total of $5.25 million, which is set to be distributed by October 1.
This announcement brings the total dividends for the financial year to 5.5 cents per share, equating to $8.25 million.
According to the company’s audited financial results for the year ending June 30, revenues increased by 8.4% to reach $184 million. Additionally, the profit from operations rose by 16% to $18.2 million, while the net profit after tax surged by 62.2% to $12.5 million, despite facing elevated tax rates.
Kamal Haer, the Chairperson of the company, emphasized that this dividend is the highest since its initial public offering, not including last year’s exceptional dividend. She also mentioned the company’s recent property acquisitions aimed at future developments.
Haer acknowledged the competitive landscape of the supermarket sector and noted the positive influence of tourism on Fiji’s economic recovery, though she expressed concerns over disruptions caused by global economic factors and climate-related disasters.
The dividend distribution is contingent on the necessary approvals and adherence to applicable regulations.