Ann: ADH FY2022 Results Presentation, page-19

Profit is more important than revenue. You can have huge revenue but negative profit and that's not gonna do too well for your business in the long run, just look at all the tech sector, uber, bnpl, increase revenue but losing money. Revenue doesn't always translate to profit in the near future either. From experience, Mocka is a terrible run business, bad customer service, cheap quality product and low margin. Increase in labour and freight cost will hit its margin even harder. It's essentially competing against IKEA and kmart in the same market segment.

Maintaining dividend whilst profit is dropping means higher payout ratio and less money left for growth in the future. It's mostly just to keep existing investors like you happy to the detriment of the company in the long run. Takes a brave CEO to cut dividend.