Super Group pays out special dividend following disposal of SG Group

SUPER Group paid out a substantial special dividend of R16.20 for the year to June 30, arising principally from the sale of SG Fleet in Australia, compared with 60 cents a share paid out a year before.

- EDWARD WEST

The special dividend amounted to R5.54 billion in total, and the per share payout was more than the share price of R14.12 on Tuesday. Tuesday's share price was also well below the R24.15 it traded at one year before. The group did not, at the release of annual results on Tuesday, declare an ordinary dividend. The sale of SG Fleet in Australia had unlocked R7.47bn in capital and also enabled a R1.96bn repayment of interest-bearing debt.

This dramatically improved the group balance sheet, reducing net gearing to 20.6% from 136.3%.

Marking a transformative year for the group, key divestments, including the sale of SG Fleet and the inTime business in Germany, had streamlined operations and improved the group's financial position, Super Group’s chairman Valentine Chitalu and CEO Peter Mountford said on behalf of the board in the annual results.

This had reduced debt and set the stage for sustainable, scalable growth across its core Southern African and international markets, they said.