Concentration of Payouts: The top five contributors—British American Tobacco (BTI), FirstRand, Vodacom, Prosus, and Exxaro—accounted for 57% of total dividends in Q4 2024, with BTI alone contributing 31% of Q4 payouts.
Sector Highlights: Tobacco, Banking, and Metals & Mining led payouts in 2024, contributing R121.6bn, R76.3bn, and R55bn, respectively. Food Products and Real Estate Management saw exceptional Q4 growth, exceeding 100%, while Metals & Mining experienced a 13.3% decline due to weaker commodity markets.
Special Dividends Surge: Special dividends surged by 76.9% year-on-year in 2024, driven by Prosus (PRX) in Q4 2024, which contributed R4.78bn (70% of the total).
Analysts’ Insights and Dividend Outlook for 2025: Investment analysts anticipate a steady dividend recovery in 2025, driven by favorable local economic conditions and undervalued equities. However, external factors such as global macroeconomic shifts and Trump’s policies also are expected to influence South African stocks.