2023 Profit Share Explanation

2023 Profit Sharing Calculations

Dividend 

A Common Share Dividend of 5.50% has been declared for the 2023 financial year.

The dividend payment is based on the average of the sum of the minimum balances held in your common share account between November 2022 and October 2023.

Example

November 2022 (lowest balance)      $500.00

December 2022                                    $500.00

January 2023                                         $500.00

February 2023                                      $1,000.00

March 2023                                           $1,000.00

April 2023                                              $1,000.00

May 2023                                               $2,000.00

June 2023                                              $2,000.00

July 2023                                               $2,000.00

August 2023                                         $3,000.00

September 2023                                  $3,000.00

October 2023                                       $3,500.00

Sum of Minimums Balances   =        $20,000.00

Divided by 12 months              =        $1,666.67

$1,666.67 x 5.50% = $91.67 Dividend Payment

Dividend payments were made to accounts 15th January 2024, payments were paid to Common Share accounts, UNLESS you hold the maximum amount of $3,500.00 in that account, in which case the dividend was paid to your savings account.