RB Patel reports healthy financial results
RB Patel Group Limited yesterday declared an interim dividend of 5 cents per share, an increase of 25% over the last year.
The company recorded revenue of $64.2 million in the six months to December 31 and posted a profit after income tax of $3.83 million.
Board chairman, Mr Iowane Naiveli said the results were encouraging as they had operated the same number of supermarkets as the previous year.
“With earning per share at 12.8 cents the company continues to provide its shareholders with solid results which should boost their confidence in the company and their investment as shareholders.”
Mr Naiveli said the result was exceptional in an industry known for price driven strategies.
“The reduction in VAT in 2016, firm labour market conditions and relatively cheaper credit also contributed to the wholesale and retaining activity over the period,”
The dividend will be paid out of February 23.