Shareholders voted in favor of proposals by the Board of Directors during the Equity Group Holdings Plc 20th Annual General Meeting held virtually today. The approval includes a dividend payout of Kshs. 15.1 billion for a second year running which is a payout ratio of 36% from the previous year of 33.6%. This is in line with the Group’s Dividend Policy. This payout depicts a sustained return to shareholders amid an operating environment that’s grappling with volatility marked by inflation, widespread currency depreciation, and interest rate hikes. The Kshs. 4 per share dividend amounts to a 36% payout of the Kshs.43.7 billion Profit After Tax or Kshs 11.1 earnings per share and dividend yield of 11.9% on the 2023 year-end closing share price of Kshs.33.65 or 800% on par value. Shareholders also approved the Group Restructuring to create a banking holding company that will consolidate the activities of all the banking subsidiaries within the Group. Currently Equity Group operates banking subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda and the Democratic Republic of Congo (DRC). Equity Group will now operate under four groups, the Banking Group, Insurance Group, Technology Group and the Foundation Group. #Equity2024AGM Read more: https://lnkd.in/dD6nEyZZ
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Chief Executive @ James Brown Enterprises | Business Management
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