Barita to pay $809.9 million in dividends

Barita Investments Limited (BIL) has advised it approved an interim dividend of $0.746 per stock unit to be paid on February 15, 2021 to shareholders on record at the close of business on February 5.

Pay-out is expected to total $809.9 million with 1,085,603,093 shares in issue.

The company, which has market value of $89 billion, traded at $82.05 per unit at close of market on January 21, 2021. Stock price has appreciated 0.20 per cent year to date.

For the financial year ended September 2020, Barita reported unaudited results with net profit of $2.76 billion, up 61.6 per cent, over the $1.71 billion earned the year prior.

At year-end, earnings per share was $3.29 versus $2.42 the year before.

Net operating revenue for the year ended was $5.21 billion, up 76.39 per cent from $3.98 billion the year before.

Net interest income was $882.59 million, up from $650.99 million the year before. Dividend income declined to $8.677, down from $30.67 million

Increased revenue included foreign exchange trading and translation gains of $978.45 million, up from $353.50 million at September 2019.

Added to this were gains on sale of investments of $1.41 billion, compared to $1.87 billion in 2019. Cash and cash equivalents in September 2020 was $5.27 billion, up from $716.1 million over the corresponding period.

Total assets climbed to $70.69 billion, up 57.99 per cent over $41 billion at September 2019.

In September 2020 the company made an additional public offer (APO) of common shares which was upsized to pull in $13.5 billion in new funding.

Proceeds of the APO were for increasing the company’s investment banking underwriting capacity and to upgrade the technology platform to a global platform.

The company is also seeking to seed new managed funds and expand the product offerings. Additionally, it is seeking retail footprint expansion, locally and regionally.