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Balwin holds on to dividend due to Covid-19

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Profits came under pressure in year to end-February, partially caused by increased marketing costs amid weak economy

Sectional title developer Balwin Properties has joined a number of its peers in holding on to its dividend due to Covid-19, also reporting that profits are already under some pressure due to SA’s weak economy.

The group had increased marketing due to a constrained economy in its year to end-February, when profits fell 9% to R411m, though the group said it is pleased with its sales numbers. The group said it is being cautious, though sales of its apartments, which are mostly aimed at low to middle-income consumers, continued during the lockdown.

“The strength and resilience of the Balwin brand continues to be evident during the lockdown period,” the group said, reporting it had sold more than 200 apartments through its online platform. The group had paid a final dividend of 14.51c per share previously, and has about 472-million shares in issue.

 

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