Crookes Brothers holds dividend as profits drop
The agricultural group has decided to withhold its dividend after a poor performance from its macadamia and deciduous fruit divisions
Agricultural group Crookes Brothers has opted to hold its dividend for the year to end-March after a poor performance from its macadamia and deciduous fruit divisions.
The group which has agricultural operations in SA, Mozambique, Zambia and Eswatini said on Monday that headline earnings per share (HEPS) dropped by 133% to 48.5c during the period.
Operating profit after biological assets decreased by 28% to R56.5m largely due to the underperformance of the macadamia and deciduous fruit divisions.
“Adverse movement in the fair value of biological assets in these divisions of some R60.9m resulted in a charge to the income statement which exacerbated the disappointing results,” the company said.
Revenue rose by 6% to R703.7m, partly thanks to the performance of its sugar cane division, which grew by 15 % to R368.9m.
“Despite the uncertainty surrounding the severity of the ultimate effects which Covid-19 might have on economic activity and disposable income, we look forward to an improved performance from our sugar cane, deciduous fruit and macadamia divisions in the year ahead,” the company said.
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