Redefine international said it interim revenue as at the end of February rose to ZAR3.6 billion compared to ZAR3.3 billion. Its Net operating profit increased to ZAR2.3 billion in contrast to ZAR2.1 billion.
The company’s Profit attributable to shareholders shot up to ZAR3.5 billion against ZAR1.0 billion. Furthermore, headline earnings per share from continuing operations jumped to 66.48 cents per share 39.71 cents per share.
Cash dividend with the election to reinvest the cash dividend in return for Redefine shares.
The directors of Redefine have declared an interim cash dividend of 44.82000 cents per share, for the six months ended 28 February 2017, from the company’s distributable income (the cash dividend).
Shareholders will be entitled, in respect of all or part of their shareholdings, to elect to reinvest the cash dividend in return for Redefine shares (the share reinvestment alternative), failing which they will receive the cash dividend of 44.82000 cents per share that will be paid to those shareholders not electing to participate in the share reinvestment alternative.
A circular providing further information in respect of the cash dividend and the share reinvestment alternative will be posted to Redefine shareholders on 12 May 2017.
As an outlook for the coming quarters, the company said political and fiscal stability go to the heart of restoring the domestic economy to a sustainable growth path. The direction of politics in the coming weeks and months will dictate the direction of the economy. To arrest the path South Africa is currently on, significant policy reform is required in the areas of labour, empowerment, property rights and education. Structural issues hindering growth, such as policy uncertainty, corruption and bureaucracy also need to be collectively addressed – at present, the political will or ability is not evident and we will, unfortunately, have to adapt our approach to operating in a subdued growth and volatile environment for the foreseeable future.