South Africa

York harvests record operating profit but asks investors to wait for dividends

York Timber, SA’s largest solid wood processor, raked in a record operating profit in its year to end-June but has appealed to shareholders to remain patient over payouts, saying that holding on to its land and what it is growing there is still in their best interest.

The group, valued at R1.2bn on the JSE, has not paid a dividend in a decade and its shares were trading at a hefty 80% discount to net asset value (NAV) by its year end, when robust local and international demand for plywood helped bring in a record R326m in core profit, from R12m previously...

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