Farmer Business Developments Plc., has announced the payment of a 17c/share end-2024 special dividend to shareholders.
Chair of the farmer-owned investment holding company, Pat Murphy said: “The board was very satisfied to pay this special dividend, which is worth €8.6 million to our 4,100 ordinary shareholders.
“This end-year payment comes on top of the 14c ordinary dividend paid in July and makes 2024 a record year for dividend payments to our loyal farmer shareholders, with a total pay out of 31c per share amounting to €15.6 million gross to ordinary shareholders.”
Pat Murphy noted that a typical shareholder, who invested £50 (€63) in the late 1960s and today held 10,369 shares in Farmer Business Developments Plc., had received total dividends in 2024 worth €3,214 before dividend withholding tax.
The chair added: “The board’s decision to pay the end-year dividend to our shareholders followed this company’s receipt of a special dividend payment from FBD Holdings Plc., in October.
“In line with our stated position on the receipt of exceptional payments, the board considered the needs of the company at this time and in view of our strong business performance and financial position, decided to pay out all of the funds received and round up the payment slightly to 17 cent per share.”
The company’s special dividend was paid by electronic funds transfer into shareholders’ bank accounts on December 20, 2024 and by cheque in the post from the same date, based on a shareholding record date of December 4, 2024.
Farmer Business Developments
Farmer Business Developments Plc., is a diversified investment holding company owned by Irish farmers who founded the FBD group in the late 1960s.
The company was established in 1988 to hold the farmers’ stake in FBD Holdings Plc., (owner of FBD Insurance) when FBD Holdings was floated on the stock market.
Today, it continues to be the largest shareholder in FBD Holdings at 23.8%, while also owning 100% of FBD Hotels and Resorts and a broad range of other smaller investments.
In October, the company recorded a group profit after tax of €21.27 million in 2023, up from €17.93 million in the previous year.
According to the company’s annual report for 2023, group profit before tax stood at just over €25 million, up from €20.4 million in 2022.
Turnover for the year was recorded at €112.9 million, up from €97 million in 2022.
Staff costs increased from €41.8 million to €47.9 million, while administrative expenses were just over €30 million (2022: €27.8 million).