No luck for Sun International’s shareholders as dividends put on hold
The odds of Sun International shareholders winning anything soon from the R1.6bn they bet on the casino group in June do not look high, judging from its interim results released on Monday morning. Sun International has not paid a dividend since 2016, and in June its shareholders were asked to buy additional shares at R57.82 each to help reduce its debt. Its share last traded at R53.50. Closing its loss-making Fish River and Morula casinos helped the group more than double its net profit to R335m in the six months to end-June from R132m in the first half of its 2017 financial year. Interim income from continuing operations grew 3.9% to R7.85bn.
"SA continues to contribute the majority of the group’s income at 69%, with Latin America contributing 30% and Nigeria 1%. Gaming is the primary contributor to group income at 73%, alternate gaming contributes 7%, food and beverage 9%, rooms 8% and other income 3%," the company said in its results statement. The group’s biggest casino co...
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.