Mustek tops R10-billion in annual sales

Technology group Mustek has reported more than R10-billion in annual sales, an improvement of 13.7% over 2022’s numbers, as it eked out a 5% improvement in headline earnings per share.

The group, which distributes technologies on behalf a wide range of suppliers, said it hiked its dividend by 1.3% to 77c/share for the year ended 30 June 2023. It ended the period with R349.2-million in cash, down from R375.3-million a year ago.

The group’s profit before taxation was R292.7-million (2022: R322.1-million), it said.

“In a challenging economic landscape, compounded by the fragility of our electricity supply, the Mustek group has demonstrated resilience and double-digit revenue growth despite the adverse conditions.

“Our investment in new product lines such as cloud and cybersecurity solutions, networking equipment and sustainable energy have contributed meaningfully to both revenue and profit,” it said.

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“The group continues carefully to evaluate opportunities to add additional products to its offering to better utilise infrastructure and benefit from economies of scale.”

Year to date, to Monday’s close on the JSE, Mustek’s shares are flat. However, over the past three years, they have more than doubled.  — © 2023 NewsCentral Media

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