Italtile declares dividend of 29c per share for full year
Italtile, which owns retail brands such as CTM, TopT and Italtile, said it would pay a dividend of 29c per share.
The company said trading profit rose 16% to R1.05bn.
Italtile opened 20 new stores during the reporting period.
Italtile said that while the renovations market grew during the reporting period, construction of new buildings remained sluggish, as evidenced by the negligible increase in the number of building plans passed.
The group said that reflected a worsening in consumers’ investment sentiment based on uncertainty in the economy and in the sociopolitical environment.
Earlier this month Italtile approached the Competition Tribunal to revive its merger with Ceramic Industries, in which it hold a 20% strategic stake.
The deal was stopped by the Competition Commission, which said in July that there was too much overlap within the industry.
Under the deal, Italtile would buy a further 73.5% of Ceramic Industries. The company said that the long-term success and sustainability of both businesses were inextricably intertwined, and had been for the past two decades.