Remgro maintains dividend, despite sharp earnings decline

Remgro reported a 39.1% slide in headline earnings per share on Tuesday for the six months ended 31 December 2023, due to corporate action in the recent past as well as global pressures, exacerbated by South Africa’s structural challenges.

Remgro attributed the decline in headline earnings to among other things a difficult operating environment. The trading results of Heineken Beverages also contributed to the material decline in headline earnings. If these corporate actions are excluded, the headline earnings dropped by 13.1%. It added that there would be a strong focus on driving turnaround and momentum in core and growth assets, such as Mediclinic, Heineken Beverages, Community Investment Ventures Holdings Proprietary Limited , RCL Foods and Siqalo Foods Proprietary Limited.

Although the deal was approved the Independent Communications Authority of South Africa , it was blocked by the Competition Commission. The deal is now before the Competitions Tribunal.

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