Premier Fishing declares maiden dividend but still plunges 7%

October 25, 2017



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.






Disclaimer - The views expressed here are not necessarily those of the BEE CHAMBER

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