{"id":776119,"date":"2024-06-10T11:22:58","date_gmt":"2024-06-10T09:22:58","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=776119"},"modified":"2024-06-10T11:23:02","modified_gmt":"2024-06-10T09:23:02","slug":"alexforbes-declares-special-dividend-giving-shareholders-an-extra-r778-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/776119\/alexforbes-declares-special-dividend-giving-shareholders-an-extra-r778-million\/","title":{"rendered":"Alexforbes declares special dividend &#8211; giving shareholders an extra R778 million"},"content":{"rendered":"\n<p>Alexfobes has declared a special dividend after a strong set of results for the 12 months ended 31 March 2024. <\/p>\n\n\n\n<p>The group&#8217;s operating income increased by 12% to R3.9 billion, while headline earnings per share from total operations were up 29% to 61.5 cents.<\/p>\n\n\n\n<p>The group&#8217;s closing assets under management and administration increased by 16% to R525 billion. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"n6wFw3d1vv\"><a href=\"https:\/\/businesstech.co.za\/news\/business\/765555\/the-biggest-investors-in-south-africa\/\">The biggest investors in South Africa<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;The biggest investors in South Africa&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business\/765555\/the-biggest-investors-in-south-africa\/embed\/#?secret=krhRJUyL9C#?secret=n6wFw3d1vv\" data-secret=\"n6wFw3d1vv\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>The group said that the growth resulted from the deliberate execution of its strategy, new business wins, and acquisition implementation and reflects the positive market performance in the current year. <\/p>\n\n\n\n<p>&#8220;We set out to transform our business, and I am pleased with our disciplined execution, consistent delivery over time, capacity building and progress towards our ambition as a group,&#8221; said Dawie de Villiers. <\/p>\n\n\n\n<p>Amid the strong performance, the group declared a gross final cash dividend of 30 cents per share, resulting in a 19% increase in the annual dividend. <\/p>\n\n\n\n<p>The board also declared a gross special cash dividend of 60 cents per share, distributing R778 million in additional cash to shareholders and reducing the group&#8217;s surplus capital position.<\/p>\n\n\n\n<p>It said that declaring a special dividend reflects its strong cash performance and desire to improve capital efficiencies.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"table-responsive\"><table class=\"table\"><tbody><tr><td><strong>Financials<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>FY2023<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>FY2024<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Change<\/strong><\/td><\/tr><tr><td>Operating income (Rm)<\/td><td class=\"has-text-align-center\" data-align=\"center\">3 478<\/td><td class=\"has-text-align-center\" data-align=\"center\">3 905<\/td><td class=\"has-text-align-center\" data-align=\"center\">+12%<\/td><\/tr><tr><td>Profit for the year (Rm)<\/td><td class=\"has-text-align-center\" data-align=\"center\">553<\/td><td class=\"has-text-align-center\" data-align=\"center\">580<\/td><td class=\"has-text-align-center\" data-align=\"center\">5%<\/td><\/tr><tr><td>Basic earnings per share (cents)<\/td><td class=\"has-text-align-center\" data-align=\"center\">57.1<\/td><td class=\"has-text-align-center\" data-align=\"center\">57.1<\/td><td class=\"has-text-align-center\" data-align=\"center\">-4%<\/td><\/tr><tr><td>Headline earnings per share (cents)<\/td><td class=\"has-text-align-center\" data-align=\"center\">47.7<\/td><td class=\"has-text-align-center\" data-align=\"center\">61.5<\/td><td class=\"has-text-align-center\" data-align=\"center\">29%<\/td><\/tr><tr><td>Annual dividend per share (cents)<\/td><td class=\"has-text-align-center\" data-align=\"center\">42<\/td><td class=\"has-text-align-center\" data-align=\"center\">50<\/td><td class=\"has-text-align-center\" data-align=\"center\">19%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Two-pot retirement system optimism <\/strong><\/p>\n\n\n\n<p>The group also feels positive about the implementation of the two-pot retirement system on 1 September 2024. <\/p>\n\n\n\n<p>The new system will allow retirement fund members to access a portion of their funds before retirement while ensuring that two-thirds of their savings are only accessed upon retirement.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"DuP2dGNMkF\"><a href=\"https:\/\/businesstech.co.za\/news\/finance\/775837\/what-you-need-to-know-about-south-africas-new-retirement-system\/\">What you need to know about South Africa&#8217;s new retirement system<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;What you need to know about South Africa&#8217;s new retirement system&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/finance\/775837\/what-you-need-to-know-about-south-africas-new-retirement-system\/embed\/#?secret=SyyRgRIA2q#?secret=DuP2dGNMkF\" data-secret=\"DuP2dGNMkF\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>&#8220;Alexforbes has been gearing itself towards the implementation of the two-pot retirement system that directly impacts its administration system capabilities, digital suite and engagement with members on an unprecedented scale,&#8221; said the group.<\/p>\n\n\n\n<p>&#8220;The company regards this as an opportunity to connect with, engage and educate members about their options and the long-term value of their retirement fund investments.&#8221;<\/p>\n\n\n\n<p>&#8220;In doing so, Alexforbes believes that it can build relationships with members that will ultimately result in the opportunity to provide the best advice.&#8221; <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"C3icmQKNvA\"><a href=\"https:\/\/businesstech.co.za\/news\/business\/772952\/how-much-it-costs-to-die-in-south-africa\/\">How much it costs to die in South Africa<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;How much it costs to die in South Africa&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business\/772952\/how-much-it-costs-to-die-in-south-africa\/embed\/#?secret=wz9UYFWXgR#?secret=C3icmQKNvA\" data-secret=\"C3icmQKNvA\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/motoring\/776001\/what-you-need-to-earn-to-afford-the-cheapest-audi-bmw-and-merc-in-south-africa-in-2024\/\">What you need to earn to afford the cheapest Audi, BMW, and Merc in South Africa in 2024<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alexforbes&#8217; under management and administration increased by 16% to R525 billion for the year ended 31 March 2024. <\/p>\n","protected":false},"author":95,"featured_media":776132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[16780,26],"class_list":["post-776119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-alex-forbes","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/776119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=776119"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/776119\/revisions"}],"predecessor-version":[{"id":776136,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/776119\/revisions\/776136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/776132"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=776119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=776119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=776119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}