BRVM-listed CFAO Motors to pay out over $5m in dividends

BREAKING NEWSAugust 20, 2024 at 11:09 AM UTC

TLDR

CFAO Motors: Distributing 3.20 billion FCFA ($5.4 million) dividends to shareholders, reflecting a 50% distribution rate from a significant 15.65% net profit increase.
Net dividend: Each shareholder to receive 15.88 FCFA per share with a dividend yield of 2.39%, calculated based on a share price of 665 FCFA as of August 16.
Financial performance: Achieved a net profit of 6.40 billion FCFA, marking a substantial 15.65% rise compared to the previous year, driving positive shareholder return and value.

The Ivorian unit of CFAO Motors is distributing 3.20 billion FCFA ($5.4 million) to its shareholders in dividends for the last financial year, which will be paid from August 30.

That represents a distribution rate of 50% after the BRVM-listed company (CFAC) posted a net profit of 6.40 billion FCFA, an increase of 15.65% compared to the 5.53 billion FCFA in the previous year.

With a net dividend of 15.88 FCFA per share and a share price of 665 FCFA on August 16, the dividend yield stands at 2.39%.

Key Takeaways

CFAO Motors Côte d’Ivoire is currently the 19th most valuable stock on the BRVM with a market capitalization of XOF 120 billion. Its stock continues a downward trend, having lost more than 20.83% since the beginning of the year with its price set at 665 FCFA at the close of August 16, 2024. The company remains a market leader in the Ivorian automobile distribution market, with a share of 47.3% in 2023.

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