Cashbuild’s total dividend almost doubles
Building material retailer says there would have been a bigger increase in profit it is had not repurchased shares from its empowerment trust
BUILDING material retailer Cashbuild declared a final dividend of R4.88, taking its total dividend for the year to end-June to R10.01 — a 41% increase from the previous year. Cashbuild said in a statement on Tuesday that its revenue grew 13% to R8.7bn and aftertax profit 22% to R442m. Profit growth would have been even higher if Cashbuild had not repurchased R62m worth of its shares from its empowerment trust in January, distributing the proceeds to its members. A new acquisition, P&L Hardware, on June 1 contributed R62m to revenue during its month in the reporting period. Cashbuild paid an initial R350m for P&L Hardware and will pay an additional R80m if profit targets are met over the next three years. During the financial year, Cashbuild opened 11 new stores, 23 stores were refurbished and one store relocated. Its DIY pilot continued with 10 Cashbuild DIY pilot stores opened.
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