Mustek Ltd: Impressive 2023 Results and Dividend Increase

  • Strong Fiscal Year 2023: Mustek Limited reports a 13.7% revenue increase, reaching R10.13 billion, showcasing financial strength.
  • Dividend Growth: Shareholders benefit from a 1.3% dividend increase, receiving 77 cents per share for the year.
  • Audit Assurance: External auditors, BDO South Africa Inc., provide an unmodified opinion, affirming Mustek's financial stability and transparency.

Mustek Limited has announced its financial results for the fiscal year ended June 30, 2023, demonstrating robust growth and financial stability.

A Year of Growth

Mustek Limited reported a remarkable fiscal year, with several key financial indicators pointing towards a successful period of growth. The company’s revenue for the year reached an impressive R10.13 billion, marking a substantial 13.7% increase compared to the previous fiscal year, which recorded revenue of R8.91 billion.

While the gross profit percentage saw a slight decrease to 13.9%, down from 14.3% in the previous year, the company maintained a strong financial position. The headline earnings per share also exhibited positive growth, with a 5.0% increase to 375.18 cents, up from 357.38 cents in 2022. Basic earnings per share showed even stronger growth, rising by 7.4% to 377.05 cents, compared to 350.96 cents in the prior year.

Generous Dividend Declaration

Shareholders of Mustek Limited have reason to celebrate as the company declared a final dividend of 77 cents per ordinary share for the fiscal year ending June 30, 2023. This dividend distribution represents a 1.3% increase compared to the previous year when the dividend was 76 cents per share.

It’s important to note that this dividend will be paid out of income reserves, and the company’s income tax reference number is 9550081716. Mustek Limited has 57,540,000 ordinary shares in issue and eligible for dividends at the time of this declaration. Shareholders who are not tax-exempt will receive a net dividend of 61.60 cents per share after the South African dividend tax rate of 20% is applied.

Key Dates for Shareholders

For shareholders looking to plan their investments, Mustek Limited has provided a schedule of important dates related to the dividend distribution:

DateEvent
Dividend declaration dateTuesday, 19 September 2023
Last day of trade cum dividendTuesday, 10 October 2023
First day to trade ex dividendWednesday, 11 October 2023
Record dateFriday, 13 October 2023
Payment dateMonday, 16 October 2023

It’s crucial for shareholders to take note that no share certificates may be dematerialized or rematerialized between Wednesday, 11 October 2023, and Friday, 13 October 2023, inclusive.

Strong Balance Sheet

The company’s financial strength is further highlighted by the net asset value per share, which saw substantial growth of 13.8% compared to the prior fiscal year. Net asset value per share reached 2,724.36 cents, up from 2,395.02 cents in 2022. This demonstrates Mustek Limited’s commitment to creating long-term value for its shareholders.

Auditor’s Assurance

Mustek Limited’s consolidated and separate financial statements have been audited by BDO South Africa Inc., which provided an unmodified audit opinion. The independent auditors report, consolidated and separate audited financial statements, and summarised group results are available for inspection at Mustek’s registered office.

Conclusion

Mustek Limited’s fiscal year 2023 results reflect a strong performance and financial stability. With revenue growth, increased earnings per share, and a generous dividend declaration, the company continues to create value for its shareholders. The company’s commitment to transparency is further evidenced by the unmodified audit opinion provided by its external auditors.

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.