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HUDACO INDUSTRIES LIMITED - Financial results for the year ended 30 November 2023, dividend declaration number 73 and changes to the board

Release Date: 01/02/2024 17:30
Code(s): HDC     PDF:  
Wrap Text
Financial results for the year ended 30 November 2023, dividend declaration number 73 and changes to the board

("Hudaco" or the "Company")
Incorporated in the Republic of South Africa
Registration number 1985/004617/06
Share code: HDC
ISIN: ZAE000003273


Salient features

                                                               30 November   30 November             %
                                                                      2023          2022        change
    Revenue (Rm)                                                     8 897          8 151            9.1
    Operating profit before fair value adjustments (Rm)              1 071          1 019            5.1
    Profit for the year (Rm)                                           669            675           (0.8)
    Comparable earnings per share (cents)                            2 148          1 951           10.1
    Headline earnings per share (cents)                              2 148          2 007            7.0
    Basic earnings per share (cents)                                 2 142          2 007            6.7
    Dividends per share (cents)                                      1 025            925           10.8
    Net asset value per share (cents)                               11 571         10 647            8.7

Auditor's review

The salient features above have been extracted from the group condensed financial statements for the year ended
30 November 2023 ("condensed financial statements") that have been reviewed by Deloitte & Touche, who have
expressed an unmodified review conclusion.

Declaration of final dividend number 73

Final dividend number 73 of 700 cents per share (2022: 625 cents per share) is declared payable on Monday, 4 March
2024 to ordinary shareholders recorded in the register at the close of business on Friday, 1 March 2024.

The timetable for the payment of the dividend is as follows:

Last day to trade cum dividend                                  Tuesday, 27 February 2024
Trading ex dividend commences                                   Wednesday, 28 February 2024
Record date                                                     Friday, 1 March 2024
Payment date                                                    Monday, 4 March 2024

Share certificates may not be dematerialised or rematerialised between Wednesday, 28 February 2024 and Friday,
1 March 2024, both days inclusive. The certificated register will be closed for this period.

In terms of the Listings Requirements of the JSE Limited regarding the Dividend Tax, the following additional
information is disclosed:

•      the dividend has been declared from income reserves;
•      the dividend withholding tax rate is 20%;
•      the net local dividend amount is 560 cents per share for shareholders liable to pay the Dividend Tax and 700
       cents per share for shareholders exempt from the Dividend Tax;
•      Hudaco Industries Limited has 30 895 980 shares in issue (which includes 2 507 828 treasury shares); and
•      Hudaco Industries Limited's income tax reference number is 9400/159/71/2.
Changes to the board

Daisy Naidoo will retire from the board of directors following the annual general meeting to be held on 27 March

Pursuant to the above, the following changes will be effective after the forthcoming annual general meeting to be
held on 27 March 2024:

-   Mark Thompson will assume the role of lead independent non-executive director;
-   Bukelwa Bulo, who was appointed to the board on 22 June 2023, will assume the roles of chairman of the audit
    and risk management committee, and member of the remuneration committee and the social and ethics
-   Nyami Mandindi will step down as a member of the remuneration committee and become a member of the
    nomination committee; and
-   Ernie Smith will replace Louis Meiring as a member of the social and ethics committee.

Short-form announcement

This short-form announcement is the responsibility of the directors of Hudaco and has not been audited or reviewed.
It is only a summary of the information contained in the condensed financial statements and does not contain full or
complete details. Any investment decisions by investors and/or shareholders should be based on consideration of the
condensed         financial       statements        published         on       the      JSE       website         at

The condensed financial statements are available on the Company's website ( and copies may be
requested from the Company at or inspected at the registered office of the Company, at no
charge, during office hours.

1 February 2024

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 01-02-2024 05:30:00
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