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Illovo share price up 117.8 percent

KATANDULA—We will do our best

Illovo Sugar Malawi’s share price on the Malawi Stock Exchange (MSE) grew by about 117.8 percent in the year ended August 31 2021.

This is according to figures presented by the company’s Chairperson Gavin Dalgleish, who is quoted in its annual financial report for the year under review.

The annual report indicates that the share price for the company at the beginning of the financial year was at K80.50 per share and moved to K94.50 per share at half year before climbing further to K179.29 by the end of the year.

The increase, which the company says represents market capitalisation of K125.1 billion, has moved the company from a price loss position to a price gainer.

The firm has since reported a final dividend of K2.9 billion for the year under review in addition to an interim dividend of K2.9 billion, representing K4 per share, and a second interim dividend of K7.1 billion, representing K10 per share.

“This payment to our stakeholders was possible through initiatives which included continued improvement in business performance and good financial management resulting in significant reduction in net debt,” Dalgleish said.

The company hopes that the economic environment will continue to improve so that the trend on payment of dividends can continue while the company returns an optimum net debt position.

Speaking to journalists last week, Illovo Sugar Malawi Managing Director Lekani Katandula, however, said the outlook is dimmed by effects of Tropical Storm Ana which has destroyed some of its equipment.

He assured investors that the management would do its best to sustain the company’s positive performance.

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