RB Patel Group Limited announces dividend of 3.5 cents per share

RB Patel Group Limited has announced that its Board has declared a final dividend of 3.5 cents per share, amounting to $5,250,000 which will be paid by 1st of October 2024.

In a statement, RB Patel Group says this will bring the total dividends paid for the financial year to 5.5 cents per share amounting to $8.25 million.

The company has also released its audited financial statements for the year ended to 30 June 2024.

Company Chairperson, Kaaial Haer says the company has announced encouraging results for the year and pointed out that the 3.5 cents per share dividend is the highest paid since listing except for last year’s record 7 cents per share which was a catch up on the reduced dividends paid from 2020 to 2022 during the COVID-19 pandemic.

Haer says it should also be highlighted that the company has recently acquired a number of vacant properties for future developments which will also require funding.

She says revenues including other income increased by over 8.4 percent to $184 from $170 million last year and profit from operating activities increased by 16 percent to $18.2 from $15.7 million last year.

The Chairperson says net cash generated from operations increased to $18 from $16 million last year and net profit after tax for the year is $12.5 million, an increase of 62.2 percent over last year despite an increase in the rate of income tax to 25 percent from 10%.

She further says the supermarket industry continues to get more and more competitive with new stores and players entering the industry each year.

Haer adds that the continued positive impact of tourism growth is driving the economic recovery for Fiji.