South Africa

Companies with the best dividend yields on the JSE

The companies with the highest dividend yields on the Johannesburg Stock Exchange (JSE) over the last year are enX Group, Merafe Resources, and Thungela Resources.

Global markets have been hammered because of the war in Ukraine, high inflation, rising interest rates, and recession fears.

Investors are looking to protect their assets during this time, making money markets, inflation-linked bonds, gold, and defensive stocks popular.

Another popular option is dividend-paying stocks, including real estate investment trusts (REITs).

With rising interest rates from most countries, economists predict that the world is edging toward a recession in 2023.

During most recessions and economic slowdowns, dividend-paying stocks have performed better than the market.

According to research from Morningstar, dividend payers outperformed the market by significant margins during most recessions.

It should be noted that there have also been cases where dividend-paying stocks did not perform as well as expected during economic downturns.

Morningstar advised investors to continue to focus on portfolio quality in anticipation of a recession, with yield as an important secondary factor.

It raises the question of which JSE-listed shares paid the highest dividends over the last year.

enX Group reigned supreme with a dividend of 38%, followed by Merafe Resources at 29% and Thungela Resources at 25%.

These high dividends occurred because of special circumstances.

For example, the global demand for coal means Thungela enjoyed an exceptional year with big cash flow generation and a substantial net cash position.

It allowed the coal miner to declare an interim ordinary dividend of R60 per share.

The table below shows the JSE-listed companies with the highest dividend yields over the last year.

CompanyDividend Yield %Price (R)Market Cap (R billion)
enX Group37.525.941.083
Merafe Resources29.061.162.874
Thungela Resources25.15313.0542.672
Accelerate Property Fund21.980.971.231
Redefine Properties21.664.0628.633
Universal Partners20.2920.991.528
AYO Technology Solutions17.813.651.256
Kumba Iron Ore15.69384.67123.897
Novus Holdings15.203.311.147
Coronation Fund Managers14.4432.1311.237
Exxaro Resources13.58208.5872.858
African Rainbow Minerals12.52260.5058.526
E Media Holdings12.473.771.638
BHP Group11.56448.252298.240
Combined Motor Holdings11.5428.892.161
Emira Property Fund11.4510.475.472
Octodec Investments11.118.662.305
Frontier Transport Holdings11.064.911.426
SA Corporate Real Estate Fund10.602.295.759
Safari Investments RSA10.465.501.710
Investec Property Fund10.4410.138.154
Truworths International10.0153.4421.830
Equites Property Fund9.8816.7012.990
Exemplar REITail9.8012.003.987
Grindrod Shipping Holdings9.71452.548.747
Growthpoint Properties9.6413.2445.424
Lighthouse Properties PLC9.485.9910.112
Resilient REIT9.3751.2719.040
Spear REIT9.247.681.880
Hyprop Investments9.1837.8412.996
Impala Platinum Holdings9.00178.68152.403
Alphamin Resources Corp8.889.0010.336
Lewis Group8.4547.962.847
NEPI Rockcastle NV8.3487.4653.233
Stor-Age Property REIT8.3013.526.417
Liberty Two Degrees8.134.454.043
Vukile Property Fund8.1213.5513.282
Ninety One8.0337.5634.292
Ninety One PLC8.0337.301.683
Old Mutual7.9510.1247.651
Sibanye Stillwater7.7942.78121.078
Nedbank Group7.74203.71104.167
Balwin Properties7.522.751.428
Anglo American PLC7.27549.86747.761