Barloworld's share price soars after special dividend

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Barloworld has been an official Cat dealer since 1927
Barloworld has been an official Cat dealer since 1927
Barloworld

Industrial group Barloworld’s share price surged past the 8% mark on Monday morning, after the release of its results for the year ended 30 September 2021.

The company declared a special dividend of 1 150 cents per share, while issuing an ordinary final dividend of 300 cents per share. 

The group’s revenue from continuing operations grew by 22.5% to R41.6 billion, with R6.6 billion of that coming from new businesses, Equipment Mongolia and Ingrain, which it acquired in 2020. Operating from continuing operations increased by 119% to R4.3 billion. The group’s basic earnings per share improved from a loss of 1 236 cents in 2020, back into positive territory with 1 391 cents. Its headline earnings per share grew to 1 195 cents from a loss of 268 cents.

"The impact of Covid-19 on global markets and industries resulted in supply chain constraints, logistical issues and product shortages globally. The resilient results for the financial year reflect a remarkable achievement of successfully navigating these challenges and validates the necessity for the decisive actions and austerity measures carried out in the prior period," Barloworld said in a statement.

The company exited its motor retail business during the financial year, and it is in the process of disposing of its logistics business. 


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