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. In its report to the South Pacific Stock Exchange (SPX), RBG confirmed that this brings the total dividends for the financial year ending June 30, 2024, to 5.5 cents per share, totaling $8.25 million.
Kamal Haer, chairperson of RBG, noted that this 5.5 cents per share dividend is the highest since the company’s listing in 2001, aside from last year’s unprecedented seven cents per share, attributed to COVID-19 impacts.
Haer emphasized the company’s recent acquisitions of several vacant properties for future development, which will necessitate additional funding. She acknowledged the challenging global and local market conditions, the significant migration of Fijians, and the increasing competitiveness within the industry, calling the company’s performance commendable.
The supermarket sector continues to grow more competitive as new stores and players enter each year. As of the latest update, RBG’s share price on the SPX was $3 per share.