• Globe declares 4.4% cash dividend

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    Globe Telecom on Tuesday said its board has approved a cash dividend of P18.75 per share for holders of common shares.

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    The dividend is payable to shareholders on record as of November 25, while payment date has been set for December 11. The cash dividend represents an annualized dividend yield of approximately 4.4 percent based on the company’s closing share price of P1,685 as of October 31, 2014.

    Albert de Larrazabal, Globe chief finance officer, said the company’s yield of 4.4 percent continues to be competitive as the average dividend yield of companies in the PSE index stands at only about 2 percent.

    Based on a Globe share price of P1,685 as of October 31, 2014, the year-to-date share price appreciation is about 2.7 percent. Coupled with the 4.4 percent dividend yield, the total shareholder return is 7.1 percent.

    Globe reported revenues of P72.7 billion from January to September, 8 percent higher than last year’s P67.3 billion. The telco said growth was driven by the robust expansion of its mobile and broadband customer bases, strong demand for data connectivity, and the successful execution of innovative promotions during the period.

    Core net income jumped 22 percent to P11.6 billion for the nine-month period, while net profit surged 198 percent to P10.5 billion against year-ago figures.

    Meanwhile, Globe announced it is setting aside $650 million (P29 billion) for 2015 capital expenditure, the same amount it earmarked for this year.

    Globe said it will spend up to P9 billion for the rollout of its Long-Term Evolution network in the country.

    Earlier, Finance Asia, a leading financial publication in the region, cited Globe for its commitment to a strong dividend policy.

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