Wrap Text
Reviewed Condensed Consolidated Results for the Year ended 30 June 2024 and Dividend Announcement
Transpaco Limited
Registration number 1951/000799/06
ISIN: ZAE000007480
JSE share code: TPC
("Transpaco" or "the company" or "the group")
Reviewed Condensed Consolidated Results for the Year ended 30 June 2024 and Dividend Announcement
A leading manufacturer and distributor of plastic and paper packaging products
- NAV UP 9,3% TO 3 232 CENTS PER SHARE
- HEPS DOWN 8,3% TO 520,9 CENTS
- TOTAL DIVIDEND PER SHARE 240 CENTS
FINANCIAL RESULTS
Reviewed Audited
12 months 12 months
June June %
2024 2023 change
Revenue (R' million) 2 487,1 2 591,1 (4,0)
Operating profit (R' million) 212,7 252,5 (15,7)
Profit before taxation (R' million) 206,5 239,7 (13,8)
Earnings and diluted earnings per share (cents) 521,5 567,9 (8,2)
Headline and diluted headline earnings per share (cents) 520,9 567,8 (8,3)
Total gross dividend per share (cents) 240,0 260,0 (7,7)
Net asset value per share (cents) 3 232,0 2 958,0 9,3
Operating margin (%) 8,6 9,7 (11,3)
Net interest-bearing debt: equity ratio (%) Net cash Net cash
positive positive
Introduction
Transpaco's reduction in operating profit was not unexpected due to challenging trading conditions.
Weak consumer and business sentiment was driven by the uncertain socio-political environment prior to
the elections, high levels of load shedding until the end of March 2024 as well as high inflation and
interest rates.
Group revenue contracted by 4,0% to R2,5 billion (June 2023: R2,6 billion) for the 12 months ended
30 June 2024 (the year). The decrease in revenue of 7,8% in the Plastics Division was due to the
termination of an export contract in the refuse bags business, raw material price deflation in the
pallet wrap operation and the impact of reduced consumer spend on retail bag volumes.
The Paper division grew marginally by 0,2%.
Transpaco's operating profits decreased 15,7% to R212,7 million (June 2023: R252,5 million), reducing
operating margin to 8,6% (June 2023: 9,7%).
Notwithstanding the decrease in headline earnings (HE) of 13,8%, headline earnings per share (HEPS)
declined 8,3% to 520,9 cents (June 2023: 567,8 cents) assisted by the share buy-back during the year.
Notably, revenue in the first six months of the financial year is traditionally greater than in the
second six months due to the seasonal nature of the business.
Transpaco's robust balance sheet is attributable to the group's continued sound investment strategy,
considered capital allocation and strict working capital management.
Net interest-bearing debt-to-equity (gearing) remained net cash positive (June 2023: net cash positive).
Declaration of Ordinary Dividend in respect of the year ended 30 June 2024
The board has declared a final gross cash dividend out of income reserves of 160,0 cents per share,
resulting in total dividends of 240,0 cents per share for the year ended 30 June 2024
(June 2023: 260,0 cents per share). After applying the dividend withholding tax of 20% a net final
dividend of 128,00000 cents per share will be paid to those shareholders who are not exempt from the
dividends tax. The issued shares at the date of declaration is 28 839 388 ordinary shares.
The Income Tax reference number is 9975/112/71/6.
The salient dates for the dividend are as follows:
Last date to trade shares cum dividend Tuesday, 17 September 2024
Shares trade ex-dividend Wednesday, 18 September 2024
Record date Friday, 20 September 2024
Payment date Monday, 23 September 2024
Share certificates may not be dematerialised or rematerialised between Wednesday, 18 September 2024
and Friday, 20 September 2024, both days inclusive.
Administrative information
This short-form announcement is the responsibility of the directors and is only a summary of the
information in the full announcement. The full announcement was released on SENS on 28 August 2024,
and can be found on the company's website at www.transpaco.co.za and on the following JSE link:
https://senspdf.jse.co.za/documents/2024/jse/isse/TPC/FYResults.pdf
Any investment decision should be based on the full announcement published on SENS and on the
company's website.
Copies of the full announcement may be requested from the company secretary at Hendrik@transpaco.co.za.
Review by independent auditor
The group's auditor BDO South Africa Incorporated has reviewed the condensed consolidated financial
information for the year. The unmodified review report is available in the full announcement.
On behalf of the board
DJJ Thomas PN Abelheim L Weinberg
Chairman Chief Executive Officer Chief Financial Officer
28 August 2024
DIRECTORS
DJJ Thomas (Chairman)*; PN Abelheim (Chief Executive Officer); L Weinberg (Chief Financial Officer);
HA Botha**; SR Bouzaglou; SY Mahlangu**; SP van der Linde (Lead Independent Director)**
* Non-executive ** Independent non-executive
Auditors
BDO South Africa Incorporated
Company
Secretary HJ van Niekerk
Sponsor
Investec Bank Limited
Registered office
331 6th Street, Wynberg, Sandton
Transfer secretaries
Computershare Investor Services (Pty) Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg
Website www.transpaco.co.za
Date: 28-08-2024 02:15:00
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