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Premier Fishing declares maiden dividend but still plunges 7%

BUSINESS DAY / 24 OCTOBER 2017 - 12:17 / KARL GERNETZKY

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.

MAKING SPACE: Fishing boats in Gansbaai harbour. Small-scale fishers have historically been crowded out and marginalised by the process used to allocate fishing rights. Picture: SUNDAY TIMES

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 listing and R526.5m in capital raised placed the group in a position to pursue an acquisitive growth strategy and organic growth, the company said.

At 11.27am, Premier’s share price was down 7.23% to R3.85. The company’s share price had dropped 28.9% since its listing.

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LINK - https://www.businesslive.co.za/bd/companies/trade-and-industry/2017-10-24-premier-fishing-declares-maiden-dividend-but-still-plunges-7/

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