Premier Fishing declares maiden dividend but still plunges 7%
Premier Fishing and Brands’ share price dropped more than 7% on Tuesday, despite the company declaring a maiden dividend of 15c for the year to end-August. The company, which is controlled by black economic empowerment group African Equity Empowerment Investments (AEEI), listed on the JSE in March. It said in its maiden results on Tuesday that profit after tax increased 31% to R52m during the period. Revenue increased 2%, offset by an industry wide decline in the catch of pelagic fish, and a stronger rand. Group revenue increased to R411m from R402m in the prior year. During the year under review, the number of shares in issue increased by 117-million, and due to this issue of new shares, the earnings per share (EPS) and headline earnings (HEPS) per share decreased 7% and 6% respectively, the company said. Basic and diluted EPS decreased to 33.77c, and that of HEPS to 34.59c. Operational efficiencies offset some of the negative effects of a stronger rand, while the successful listin...
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.