RB Patel Group (RBG) recently announced a final dividend of 3.5 cents per share, totaling $5.25 million, which is set to be distributed by October 1, 2024. According to their 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, stated that this 5.5 cents per share dividend is the highest since the company’s listing in 2001, aside from the previous year’s exceptional payout of seven cents per share, which was influenced by COVID-19 circumstances.
Haer also noted that the company has recently acquired several vacant properties for future developments, which will necessitate additional funding. She remarked on the challenges posed by both global and local market conditions, the significant migration of Fijians, and the highly competitive nature of the supermarket industry.
“The supermarket industry is becoming increasingly competitive, with new stores and players entering the field each year,” Haer added.
The share price of RBG on the SPX was listed at $3 per share at the time of reporting.