South African billionaire Christo Wiese is poised to receive a final dividend of R261.91 billion ($13.84 million) from his significant stake in Shoprite Holdings, following the retailer’s impressive financial performance for the fiscal year 2023, which concluded on July 2, 2023.
The $13.8-million dividend payout, scheduled for Oct. 2, will augment the already substantial dividend earnings that have solidified Wiese’s position as one of South Africa’s wealthiest individuals and a prominent figure across the African continent.
Shoprite Holdings, South Africa’s premier food retailer and Africa’s largest retail entity, boasts a vast workforce exceeding 142,000 employees spread across the continent, serving customers through an extensive network of 2,989 stores.
Wiese owns an 11.58-percent stake in Shoprite, valued at over $900 million, encompassing 305.6 million non-convertible, non-participating, no-par value deferred shares, as well as common stock, which accounts for 32.2 percent of Shoprite’s voting rights.
According to figures disclosed in the recently published financial results, Shoprite Holdings achieved a 2.8-percent increase in profit for the fiscal year 2023, surging from R5.74 billion ($300.17 million) in the prior year to R5.9 billion ($308.55 million).
This remarkable performance comes amid challenging operating conditions and a notable uptick in energy costs, which contributed to elevated operating expenses, subsequently impacting profit margins.
Shoprite exhibited robust revenue growth throughout the year, registering a substantial 17.1-percent increase. The company’s revenue soared from R187.53 billion ($9.8 billion) in 2022 to R219.53 billion ($11.48 billion) in 2023.
As a result of its resilient financial performance, the board of directors at Shoprite Holdings has announced a final dividend of R4.15 ($0.217) per share.
The decision underscores a full-year dividend per share growth of 10.5 percent, reaffirming Shoprite’s commitment to delivering value to its shareholders and stakeholders.