Hudaco Industries Reports Strong Interim Results and Raises Dividend

  • Hudaco Industries Limited reports strong interim results: 12.4% revenue increase to R4,250 million, 2.8% rise in operating profit to R465 million.
  • Interim dividend declared: 325 cents per share, 8.3% higher than previous year, payable on 14 August 2023 to eligible shareholders.
  • Hudaco has 30,895,980 shares in issue; net local dividend amounts to 260 cents per share for taxable shareholders and 325 cents per share for exempt shareholders.

Hudaco Industries Limited (Hudaco) has announced its unaudited interim results for the six months ending 31 May 2023. The financial report highlights robust growth across key performance indicators and showcases the company’s commitment to delivering value to its shareholders through the declaration of an interim dividend.

During the specified period, Hudaco recorded a revenue of R4,250 million, marking an impressive 12.4% increase compared to the same period in the previous year. The company’s operating profit also showed positive growth, reaching R465 million, reflecting a 2.8% rise. Hudaco’s earnings per share exhibited a notable improvement, with both comparable and headline earnings per share standing at 926 cents, representing an 8.1% increase compared to the prior year.

Furthermore, the company’s basic earnings per share also demonstrated strong performance at 926 cents, showcasing consistency across all earnings metrics. Hudaco’s net asset value per share experienced a substantial growth of 9.7%, reaching 10,809 cents. These positive financial results indicate the company’s robust financial position and its potential for further expansion.

In line with its commitment to creating value for its shareholders, Hudaco declared an interim dividend, denoted as number 72. The announced dividend amounts to 325 cents per share, reflecting an 8.3% increase when compared to the interim dividend declared during the corresponding period last year. The dividend payment is scheduled for Monday, 14 August 2023, and will be distributed to ordinary shareholders recorded in the register as of the close of business on Friday, 11 August 2023.

Investors should take note of the dividend payment timetable, which includes important dates such as the last day to trade cum dividend on Monday, 7 August 2023, and the commencement of trading ex-dividend on Tuesday, 8 August 2023. The record date for the dividend has been set as Friday, 11 August 2023, with the actual payment taking place on Monday, 14 August 2023. It is important to note that share certificates cannot be dematerialized or rematerialized between Tuesday, 8 August 2023, and Friday, 11 August 2023, inclusive, as the certificated register will be closed during this period.

In compliance with the Listings Requirements of the JSE Limited concerning the Dividend Tax, Hudaco has disclosed additional information regarding the dividend declaration. The dividend has been declared from income reserves, and a dividend withholding tax rate of 20% will be applicable. Shareholders liable to pay the Dividend Tax will receive a net local dividend amount of 260 cents per share, whereas shareholders exempt from the Dividend Tax will receive the full 325 cents per share.

Hudaco Industries Limited currently has 30,895,980 shares in issue, which includes 2,507,828 treasury shares. The company’s income tax reference number is 9400/159/71/2.

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