RB Patel Group (RBG) announced a final dividend of 3.5 cents per share last week, amounting to a total of $5.25 million, which will be distributed by October 1, 2024. In its filings with the South Pacific Stock Exchange (SPX), the company reported that the total dividends paid for the financial year ending June 30, 2024, will reach 5.5 cents per share or $8.25 million.
Kamal Haer, chairperson of RBG, noted that this 5.5 cents per share dividend is the highest amount paid since the company went public in 2001, apart from last year’s exceptional payment of seven cents per share, which was influenced by COVID-19 circumstances.
Haer mentioned that the company has recently acquired several vacant properties for future development, which will require additional funding. She acknowledged the challenges posed by global and domestic market conditions, the migration of many Fijians, and the growing competitiveness within the industry, stating that the company’s results are commendable under these circumstances.
The supermarket sector is becoming increasingly competitive, with new stores and entrants emerging each year. As of the time of reporting, RBG’s share price on SPX stood at $3 per share.