OWN CORRESPONDENT, Johannesburg | Tuesday 1.00pm.
OIL group Engen on Monday posted a 36,2% rise in headline earnings a share and a 4,4% rise in turnover to R13,1-billion for the year to August, Engen CE Rob Angel said on Monday. The rise in headline earnings brings Engen’s earnings per share to 312c, added to which is a dividend payment of 62c a share, bringing the full-year dividend to 108c a share.
Much of the rise in earnings was attributed to Engen’s Durban refinery operating at its highest production performance since its capacity expansion and upgrade in 1992. Announcing the results, Angel added that Engen increased its share of the South African market to 24,5% from 24% in the previous year.
Engen was last month bought out by Malaysian state-owned oil firm Petronas, after a long battle with key minority shareholders, who felt that its offer of R23 a share was significantly undervalued.
Engen last month published its preliminary results, in what was thought to be a bid to dissuade minority shareholders from accepting the unsolicited Petronas offer.
In terms of the acquisition, Engen will be delisted from the Johannesburg Stock Exchange before the end of the year. Angel is set to remain as MD after the delisting.