Ann: Kogan.com 1HFY21 Results Presentation, page-40

The level of dividend declared is generally dependent on level of profits generated. It is up to the Board to determine how much they return to shareholders or retain in the business to fund future operations.

Kogan generated NP $23.592M for HY20 and will payout $14.259M in Dividends. This represents a payout ratio of 60%.
This compares to PCP of NP $8.929M and $7.705M in Dividends, a payout ratio of 86%.

It could be argued that management have taken a very conservative view in the level of dividend declared.
I would be looking more at the Outlook Statement for signals on earnings going forward.
Whilst the Company have not provided formal guidance, Managements expectations appear high in all areas of the business.