Chemist Warehouse founders share $365m dividend windfall
Rich Listers and Chemist Warehouse founders Jack Gance and Mario Verrocchi have shared a $365 million dividend from Australia’s no.1 pharmacy chain, despite profit at the privately owned business falling more than 20 per cent.
Audited accounts for Chemist Warehouse’s parent company, CW Group, lodged with the financial regulator earlier this week, show the pair and their families were paid $264 million in dividends in the year ended June 30.
Chemist Warehouse paid $364 million in dividends in the last 12 months. Steven Siewert
Directors were paid a further $101 million in dividends earlier this month.
The $365 million cumulative payout compares with $280 million in dividends distributed in the previous financial year. Despite the bump in dividends, annual 2022-23 net profit fell 21 per cent to $302 million from the year-earlier $385 million.
Revenue inched higher to $3.1 billion from $3 billion.
The group’s international expansion continues with new Chemist Warehouse stores opening in New Zealand, Ireland and China, the company said, adding that the group had boosted the stores in its network by 21 to 545.
In June, Sigma Pharmaceuticals won Chemist Warehouse’s wholesale pharmaceuticals contract held by its much-bigger rival, EBOS, in a deal valued at $3 billion. Following the deal, Chemist Warehouse took a 10.7 per cent stake in Sigma. The deal with Sigma fuelled further speculation about Chemist Warehouse listing on the ASX.
A Chemist Warehouse IPO has been talked about for years with estimated valuation previously cited above $5 billion.
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