CENTURY Pacific Food Inc. (CNPF), the country’s largest canned food company, will pay out this year a dividend of P0.20 per share—P0.10 as regular cash dividend and P0.10 as special cash dividend—to all stockholders of record as of July 15, 2016.
This is the second time CNPF is offering a special cash dividend, due to robust sales and net income growth. The dividend will be issued on August 10, 2016.
The total pay out will amount to P472 million, representing 24 percent of the company’s
2015 net income.
The dividend is equivalent to 1 percent dividend yield, based on P21.55 closing price, adding to the stock’s more than 30 percent return to shareholders since the start the year.
The company’s strong performance was attributed to the high volume growth across all branded segments, as well as declines in input prices that led to an improvement in margins.
Last month, CNPF had announced a 50 percent stock dividend totaling P1.18 billion. Subject to shareholder approval on June 30, qualified investors will be entitled to one share for every two shares held.
In the first quarter of the year, Century Pacific’s net income grew by 45 percent to P636 million from P438 million during the previous corresponding period.
CNPF’s revenues were up by 22 percent to P6.40 billion from the P5.24 billion posted during the same period a year before.
Sales from the three branded businesses – marine, meat and milk – grew by 15 percent year-on-year and continue to account for 78 percent of the company’s topline.