Technology group Mustek tops R10-billion in annual sales. This represents an improvement of 13.7% over the numbers reported in 2022. Alongside this, the group also managed to eke out a 5% improvement in its headline earnings per share.
Dividend Hike and Cash Reserves
Mustek, which distributes technologies on behalf of a wide range of suppliers, announced that it hiked its dividend by 1.3% to 77c/share for the year ended 30 June 2023. However, it ended the period with R349.2-million in cash, marking a decrease from R375.3-million a year ago.
The group’s profit before taxation was reported to be R292.7-million, a decrease from R322.1-million in 2022.
Resilience Amid Challenges
Despite the challenging economic landscape and the fragility of the electricity supply, the Mustek group has demonstrated resilience and achieved double-digit revenue growth. This growth has been achieved despite the adverse conditions.
Mustek tops R10-billion in annual sales
Mustek’s investment in new product lines such as cloud and cybersecurity solutions, networking equipment, and sustainable energy have contributed meaningfully to both revenue and profit.
The group continues to carefully evaluate opportunities to add additional products to its offering. This strategy is aimed at better utilising infrastructure and benefiting from economies of scale.
As of Monday’s close on the JSE, Mustek’s shares have remained flat year-to-date. However, over the past three years, they have more than doubled in value.