On September 2, RB Patel Group Limited announced a final dividend of 3.5 cents per share, amounting to a total of $5,250,000, which is scheduled to be paid by October 1.
This declaration will increase the total dividends for the financial year to 5.5 cents per share, translating to $8.25 million.
The company’s audited financial statements for the year ending June 30 indicate an 8.4% growth in revenues, reaching $184 million. Furthermore, profit from operations surged by 16% to $18.2 million, while net profit after tax experienced a significant increase of 62.2%, totaling $12.5 million, despite facing higher tax rates.
Company Chairperson Kamal Haer noted that this dividend is the highest since the company’s listing, excluding 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 industry and recognized the beneficial effects of tourism on Fiji’s economic recovery, while also expressing concerns over global economic disruptions and climate-related natural disasters.
The dividend announcement is contingent upon necessary approvals and adheres to relevant regulations.