Remgro – the investment holdings giant chaired by billionaire Johann Rupert – increased its full-year dividend payout by 60%, despite describing the year to the end of June 2023 as “one of the most difficult business environments to operate in since its inception”.
It declared a final gross dividend of 160 cents per share out of income reserves to ordinary shareholders in its latest financial results. The group paid out an interim dividend of 80cps, bringing its total dividend for FY2023 to 240cps – representing a 60% surge compared to the prior financial year.
“With low levels of expected economic growth – combined with the breakdown of state infrastructure relating to energy, transport and logistics, and the slow pace of economic reforms to date – the urgency to address these issues cannot be overstated,” added Remgro. ADVERTISEMENT CONTINUE READING BELOW “Against this backdrop, it is pleasing to note the group’s ability to maintain positive earnings momentum.