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Mon 14 Mar 2022
Close: 6 595c 
Day's move: 0c (0.00%)
Volume: 0
Trades: 0
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Revenue for the year increased by 13% to R52.2 billion (2020: R46.4 billion) and operating profit went up 60% to R2.3 billion (2020: R1.5 billion). Net profit attributable to owners from continuing operations grew to R358 million (2020: R42 million). In addition, headline earnings per share from continuing operations jumped 113% to 332 cents per share (2020: 156 cents per share).
Dividend
An interim cash dividend of 83 cents per ordinary share, which is 19% of continuing core EPS for the year, was paid to shareholders in March 2021. As disclosed in the circular relating to the DP World Transaction, no final dividend is declared. As such the total F2021 dividend was 83 cents per ordinary share (F2020: 167 cents per share).
Company prospects
Many of our markets continue to face uncertainty and volatility, being in various levels of lockdown and restrictions. While some of these restrictions are easing, we anticipate the impact of the COVID-19 pandemic and the ensuing uncertainty to continue affecting our operations and performance in the short-term.
The start to the 2022 financial year has been challenging, with July and August trading negatively impacted by the social unrest in South Africa, extended COVID-19 related restrictions on the sale of alcohol in South Africa and Mozambique, the shortage of semi-conductors across Europe, and higher supply chain costs negatively impacting volumes due to the unavailability of shipping containers and subsequent higher freight rates.
At this stage, for the 12 months to 30 June 2022, subject to stable currencies, steady recovery in volumes and revenue on the back of easing COVID-19 restrictions, we expect Imperial's continuing operations to deliver:
- Revenue growth compared to F2021.
- Operating profit growth compared to F2021.
- Growth in continuing HEPS compared to F2021.
- Growth in core EPS compared to F2021.
- Good free cash flow generation - free cash conversion expected to be between 70% and 75%.
Imperial's balance sheet remains strong and resilient, with headroom in terms of debt capacity and liquidity to facilitate our strategic growth aspirations. We have a strong pipeline of new business opportunities which we are working hard to translate into new business. While we will continue to meet the demands and manage the implications of the pandemic in the short-term, we will also ensure that we continue to deliver on our strategic objectives.
With regards to the DP World offer to acquire Imperial, the proposed transaction is still subject to Imperial shareholder approval and other customary completion conditions, including regulatory approvals, which are in progress. The circular for this transaction was distributed on 19 August 2021 and the general meeting convened for shareholders is scheduled for 17 September 2021. We anticipate that the proposed transaction will be concluded by February 2022, pending the successful outcome of the outstanding approvals. In the interim, we will continue with our daily business activities.
We thank our employees, shareholders, funders and other key stakeholders for their ongoing support.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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