Dividends

Dividends

The group’s dividend policy is to consider an interim and a final dividend in respect of each financial year. The dividend is set with reference to underlying core operating earnings taking cognizance of the need to:

  • maintain regulatory capital solvency with an appropriate margin which anticipates regulatory developments and economic and market volatility;
  • ensure the legislative requirements with regards to solvency, liquidity and good corporate governance; and
  • retain earnings and cash flows to support investments in the group’s  growth initiatives.

After consideration of the above, the group’s dividend policy is set at a target range of 1.0 to 1.5 times earnings cover, recognising that some earnings fluctuations are to be expected. The annual dividend will reflect the board’s view of the earnings prospects over the entirety of the cycle.

At its discretion, the board may also consider special dividends where appropriate. Depending on the perceived need to retain funds for expansion or operating purposes, the board may pass on the payment of dividends.

Dividend payment date
(year ended 31 December)

Number of shares on payment date

No. Declared Last date to trade Payment date South African cents per share
Interim No 22 02/12/2024 07/01/2025 13/01/2025 0.2200
Final No 20 10/06/2024 16/07/2024 22/07/2024 0.3000
Special No 21 10/06/2024 16/07/2024 22/07/2024 0.6000
Interim No 19 04/12/2023 02/01/2024 08/01/2024 0.2000
Final No 18 12/06/2023 04/07/2023 10/07/2023 0.2700
Interim No 17 05/12/2022 03/01/2023 09/01/2023 0.1500
Final No 15 06/06/2022 05/07/2022 11/07/2022 0.2000
Interim No 14 06/12/2021 04/01/2022 10/01/2022 0.1200
Final No 13 14/06/2021 06/07/2021 12/07/2021 0.0900
Interim No 12 03/12/2020 05/01/2021 11/01/2021 0.1300
Final No 11 08/06/2020 21/07/2020 27/07/2020 0.1200
Special No 11 08/06/2020 21/07/2020 27/07/2020 0.5000
Interim No 10 09/12/2019 07/01/2020 13/01/2020 0.1800
Dividend Policy

The group’s dividend policy is to consider an interim and a final dividend in respect of each financial year. The dividend is set with reference to underlying core operating earnings taking cognizance of the need to:

  • maintain regulatory capital solvency with an appropriate margin which anticipates regulatory developments and economic and market volatility;
  • ensure the legislative requirements with regards to solvency, liquidity and good corporate governance; and
  • retain earnings and cash flows to support investments in the group’s  growth initiatives.

After consideration of the above, the group’s dividend policy is set at a target range of 1.0 to 1.5 times earnings cover, recognising that some earnings fluctuations are to be expected. The annual dividend will reflect the board’s view of the earnings prospects over the entirety of the cycle.

At its discretion, the board may also consider special dividends where appropriate. Depending on the perceived need to retain funds for expansion or operating purposes, the board may pass on the payment of dividends.

Dividend calculator
Dividend payment date
(year ended 31 December)

Number of shares on payment date

No. Declared Last date to trade Payment date South African cents per share
Interim No 22 02/12/2024 07/01/2025 13/01/2025 0.2200
Final No 20 10/06/2024 16/07/2024 22/07/2024 0.3000
Special No 21 10/06/2024 16/07/2024 22/07/2024 0.6000
Interim No 19 04/12/2023 02/01/2024 08/01/2024 0.2000
Final No 18 12/06/2023 04/07/2023 10/07/2023 0.2700
Interim No 17 05/12/2022 03/01/2023 09/01/2023 0.1500
Final No 15 06/06/2022 05/07/2022 11/07/2022 0.2000
Interim No 14 06/12/2021 04/01/2022 10/01/2022 0.1200
Final No 13 14/06/2021 06/07/2021 12/07/2021 0.0900
Interim No 12 03/12/2020 05/01/2021 11/01/2021 0.1300
Final No 11 08/06/2020 21/07/2020 27/07/2020 0.1200
Special No 11 08/06/2020 21/07/2020 27/07/2020 0.5000
Interim No 10 09/12/2019 07/01/2020 13/01/2020 0.1800