Vunani Limited Reports 10% Increase in Revenue, Declares Dividend FY2023

Vunani Limited
  • Vunani Limited reports a 10% increase in revenue and premiums for the year ended February 2023.
  • Operating profit shows a significant improvement, rising by 33% compared to the previous year.
  • Earnings per share and headline earnings per share experience a decline, while a final dividend of 11.0 cents per share is declared for the year.

Vunani Limited, a leading financial services company, has released its reviewed provisional condensed consolidated results for the year ended February 28, 2023. The company achieved a noteworthy 10% increase in revenue and premiums, accompanied by a significant improvement in operating profit. However, earnings per share and headline earnings per share experienced a decline compared to the previous year. Vunani also declared a final dividend for the year.

The financial results for the year ended February 28, 2023, showcase Vunani’s continued growth and resilience in the challenging economic landscape. With revenue and premiums rising by 10% to reach R752.4 million, the company demonstrates its ability to generate sustainable business opportunities. Furthermore, Vunani achieved a commendable 33% increase in operating profit, reaching R150.1 million, signifying effective operational management.

Despite the positive overall performance, earnings per share decreased to 32.6 cents, compared to 37.9 cents in the previous year. Similarly, headline earnings per share saw a decline to 29.7 cents, down from 34.7 cents in 2022. The decrease in profitability can be attributed to negative fair value adjustments related to the insurance business, which were impacted by market volatility and death claims. Nonetheless, Vunani’s core operating activities displayed resilience and growth potential.

As a demonstration of its commitment to shareholders, Vunani declared a final dividend for the year ended February 28, 2023. The dividend amounts to 11.0 cents per share, a decrease from the previous year’s dividend of 14.0 cents. Shareholders are advised to refer to the provided timetable for the dividend payment.

Vunani operates across various segments, including fund management, asset administration, insurance, and investment banking, offering a comprehensive range of financial services to its clients. The company’s diversified portfolio positions it as a prominent player in the South African financial services industry.

In terms of the dividend payment, Vunani announced a gross ordinary dividend of 11.0 cents per share, which will be paid out of income reserves. Shareholders should take note that a dividend tax applies, with a local Dividends Withholding Tax rate of 20%. For ordinary shareholders exempt from paying Dividends Withholding Tax, the net ordinary dividend amounts to 8.80000 cents per share.

The dividend payment will follow the established timetable, with the declaration and finalization date announcement taking place on May 24, 2023. The last day to trade cum dividend is June 20, 2023, and shares will commence trading ex-dividend on June 21, 2023. The record date is set for June 23, 2023, and the dividend payment date is scheduled for June 26, 2023. During the period from June 21, 2023, to June 23, 2023, both dates inclusive, no dematerialization or rematerialization of shares will be allowed.

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