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Wesfarmers rewards shareholders

Wesfarmers has posted a record first-half profit of $4.5 billion.

The retail conglomerate’s massive interim profits caused shares to soar more than 6%.

Wesfarmers decided to reward shareholders, handing back $2.3 billion in ordinary dividends and $1 a share special dividends, which was worth over $1.1 billion.

Wesfarmers CEO Rob Scott tells Ross Greenwood, “it was just really important for us to reward shareholders for the support they’ve given us over the last year with all the change that’s gone on”.

“But we’re being quite deliberate post the special dividend to maintain a strong balance sheet.

“So that we can invest in our businesses…as opportunities come along we can invest in new opportunities.

“Preserving a bit of firepower we think is the right thing to do for the long term.”

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