RB Patel Group (RBG) recently announced 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, 2024. According to the company’s reports submitted to the South Pacific Stock Exchange (SPX), this brings the total dividends for the financial year ending June 30, 2024, to 5.5 cents per share, or $8.25 million.
RBG chairperson Kamal Haer noted that this year’s dividend of 5.5 cents is the highest amount paid since the company’s listing in 2001, aside from last year’s exceptional seven cents per share, which was attributed to COVID-19 impacts.
Haer also mentioned that RBG has recently purchased several vacant properties for future developments, which will require financial backing. She emphasized that, given the current global and local market conditions, including the mass migration of Fijians and rising industry competition, the company’s performance is praiseworthy.
“The supermarket sector is increasingly competitive, with new stores and players entering the market each year,” Ms. Haer added.
As of the latest report, RBG’s share price on the SPX stood at $3 per share.