RB Patel Group (RBG) announced last week 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 filings with 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.
Kamal Haer, chairperson of RBG, noted that this 5.5 cents per share dividend is the highest the company has issued since its listing in 2001, aside from a one-time record of seven cents per share last year, attributed to the COVID-19 pandemic. She emphasized that the company has also acquired several vacant properties for future developments, which will require funding.
Haer remarked, “Considering the global and domestic market conditions, the large number of Fijians that have migrated, and the competitive nature of the industry, the company’s results are commendable.” She added that the supermarket industry is increasingly competitive, with new stores and players entering the market each year.
As of the time of reporting, RBG’s share price on the SPX was $3 per share.