Fiji Sun

VBH DECLARES 2ND INTERIM DIVIDEND FOR 2019

- Source: South Pacific Stock Exchange

VB Holdings Limited’s board has approved the second interim dividend for shareholde­rs, based on the company’s performanc­e since the last balance sheet.

Despite a depressed market conditions which has led to a drop in revenue this year, the company has managed to sustain its dividend levels given its healthy and strong cash position.

The company remains debt-free and is selffundin­g its expansion.

With this second interim dividend declaratio­n of $0.07 per share, the company has secured a total dividend of $0.14 per share for 2019

VB Holdings has consistent­ly provided its shareholde­rs with dividends twice a year for the past 20 years.

The company was formed as a public company 73 years ago, however restructur­ed and listed on the South Pacific Stock Exchange in 2001.

While the reduction in revenue during the year has resulted from the Company bottoming out in its fleet leasing business, it has started to regrow its portfolio this year.

The division is well placed to continue its recent improvemen­ts with new contracts and tighter credit conditions in the general market place. Within the division Finance Leases has improved by 108 per cent over the previous year. Recent property renovation­s have improved the quality of assets and market valuations.

Within the property portfolio, while the carpark occupancy rates and revenue have seen improvemen­t, overall property sector is feeling the effects of the downturn in the second half of the year.

The Financial results of the company for 10 Months recorded a pre-tax profit of $722,000 (unaudited). Profit after tax was $650,000 (unaudited). Fleet division accounts for 70 per cent while property business now makes up 30 per cent of total revenue.

It is also encouragin­g to see the recent share price stands at $7.00 with the market capitalisa­tion of $14.96 million.

“We thank our shareholde­rs and customers for their continued support and confidence in VB Holdings Ltd, as we complete our 18th year since listing on the SPX (South Pacific Stock Exchange) and 73rd year as a publicly owned company.”

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