Johann Rupert’s Richmont Post Over $2B in 2022

Richemont, a Swiss luxury goods holding firm owned by South African billionaire Johann Rupert, announced a profit of $2.2 billion at the end of the fiscal year 2022. This is in the face of disruptions caused by the Russia-Ukraine crisis and frequent temporary store closures owing to health protection measures.

According to the company’s recently released annual results, Richemont’s profit increased by 61%, from $1.36 billion in 2021 to $2.2 billion in 2022. This is more than double what it made in 2020.

The Offset following the COVID-19 Pandemic

The management credits this to an improvement in economies starting February 2022, with double-digit growth in all Maisons, channels, and regions. This offset inflationary pressures and several temporary store closures due to COVID-19 induced restrictions.

The group’s sales reached an all-time high of $20.32 billion during the fiscal year under review. A 46 percent increase over last year’s $13.9 billion, as sales in America increased by double digits. In comparison, sales in Asia Pacific and mainland China increased by 32 percent and 20 percent, respectively, compared to the previous year.

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Johann Rupert: An Increased Net Worth on the Horizon

Johann Rupert, like other Richemont shareholders, received a whopping $123.3 million dividend from the Swiss-based luxury goods holding last year. They are expected to receive millions in dividends, this year.

The board proposed a regular dividend of CHF2.25 ($2.31) per “A” share and CHF 0.225 ($0.2363) per “B” share. And a special dividend of CHF1.00 ($1.0277) per “A” share/10 “B” shares.

Following the recently released results, shares in the Rupert-led holding company fell 11.2 percent to $156.75 per share on the Johannesburg Stock Exchange at the time of writing.

Since the beginning of the year, the company’s shares have dropped by 35%, bringing its market capitalization below $6.2 billion.

Rupert’s fortune has fallen by $2.52 billion since the start of the year, to $9.43 billion at the time of writing due to his stake in the company.

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