Johann Rupert's Remgro reported a 40% plunge in interim headline earnings on Tuesday as it grappled with weaker results from its Heineken Beverages investment and the one-off effects of a spate of recent corporate activity.
The JSE-listed diversified investment holding company, which holds interests in a range of sectors such as consumer goods, healthcare and financial services, nevertheless managed to maintain its interim dividend at 80c per share. But its headline earnings fell just over 40% to R2.1 billion in the six months ended December and just over 39% on a per share basis, the latter assisted by share buybacks during the period.
The group, which is chaired by Rupert and has a market capitalisation of about R71 billion, said its intrinsic net asset value per share, which is a key measure in investment holding companies, fell 4.6% to R236.95, but amid a share price rise its discount improved to just over 31% from about 41%. Excluding the effect of corporate actions, headline earnings per share still fell by just over 13%.South Africans need to be in the know if we want to create a prosperous future.
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