Pick n Pay cut its latest annual dividend after weaker earnings and will lower its payout ratio as part of amendments to its dividend policy to account for SA’s energy crisis and the capital investment of the retail group’s Ekuseni plan.
As part of the changes to its dividend policy, the company, valued at R20.3bn on the JSE, will lower the payout ratio from 76% to 56%-67%. Many businesses have had to fork out more than before on diesel for store generators to keep the lights on during elevated load-shedding, which became particularly acute over the last year and what the group has previously called a “permanent new reality”.
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