Marshall Monteagle maintains dividend despite tough year

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Marshall Monteagle maintains dividend despite tough year

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Published Date: 2020-12-28 | Source: Stephen Gunnion | Author: Stephen Gunnion

Marshall Monteagle maintains dividend despite tough year

The investment company says all its companies have had to adjust to the new and challenging environment.

Marshall Monteagle has maintained its total dividend for the year despite a big decrease in profit as the trading environment for its businesses deteriorated due to Covid-19.

The investment company, which has interest in blue chip listed companies, industrial property in the US and SA, and financing and trading companies, declared a final dividend for the year to end-September of 1.9 US cents, taking its total dividend to 3.8c. Revenue for the year declined by 41% to $113 million and profit before tax from continuing operations declined by 95% to $303,000. It reported a headline loss per share of 2.5c, down from earnings of 19.1c last year.

Over the course of the year, the value of its investment portfolio decreased by $1.51 million due to unstable market conditions and the impact of the pandemic. After disposing of investments worth $2 million and the adverse effect of foreign exchange of $30,000, its portfolio was worth $28.1 million at the end of September. Its property portfolio was revalued at $24 million, down $114,000 from a year earlier.

In October 2019, the company completed the sale of its 50% interest in Monteagle Africa to retail and wholesale group SPAR for $11.8 million. It said this helped it maintain the balance of its investments and provided additional liquidity to support the growth of its other trading businesses. The profits from the sale of the investment were included in the current financial year.

Its shares didn't trade last Thursday, closing unchanged at R19.50. The results were released after the market close.





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