Resilient warns dividend will shrink due to weak economic conditions
The company issues an alert over fall for second consecutive financial year
Resilient, the company at the centre of the biggest sell-off in listed property shares in more than two decades, has blamed a weak local economy for its shrinking dividends. Resilient, which owns local shopping centres and has interests in listed real estate securities with offshore exposure, warned its dividend will shrink for the second consecutive financial year. “Economic conditions in SA remain challenging,” the company said. Since listing in 2002, Resilient had managed to grow its dividend annually, often to a degree well beyond its peers. But this run was broken with restated financial results for the year to June 2018, in which its dividend per share fell 12.8%. This was because of the effects of removing the cross-holding with Fortress and restructuring its BEE trusts. Resilient’s distribution is forecast to be 530c-550c per share for the 2019 financial year, it said in releasing half-year results to December. The total dividend for the year to June 2018 had been 565.44c pe...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.