Low first-quarter payouts: In the first quarter, South Africa experienced a 24.3% year-on-year decline in dividends, following a 10.9% increase in Q4 2024. The Q1 2025 figures mark the lowest first-quarter dividend payouts of the past decade.
Concentration of payouts: The top five contributors—British American Tobacco (BTI), Kumba Iron Ore, AngloGold Ashanti, Gold Fields and Anglo American—accounted for 68% of total dividends in Q1 2025, with BTI alone contributing 38% of Q1 payouts.
Sector highlights: Traditionally dominant sectors—Tobacco, Metals & Mining, and Banking—continued to play significant roles, although the banking sector did not pay any dividends this quarter. The last such instance occurred in Q4 2020. Sectors with the highest year-on-year dividend growth were Capital Markets (+165%), Insurance (+66%), and Real Estate (+29%).
Special dividends plummet: Special dividends in Q1 2025 declined sharply by 68.3% year-on-year. This contrasts with a 79.6% year-on-year increase in 2024. Only three companies—Nepi Rockcastle (R3.81 billion), Trencor (R1.27 billion), and Life Healthcare Group (R1.03 billion)—issued special dividends in Q1 2025.