Mandaluyong—(PHStocks)—RFM Corp.’s (PSE: RFM) board of directors approved the declaration of cash dividends amounting to PhP273 Million or PhP0.0779 per share, for shareholders as of record date of March 10, 2016.
RFM president and CEO Jose A. Concepcion III said that the cash dividends were approved based on the company’s profitable operations in 2015, which posted an unaudited net income of PhP908 million, up by 9% year-on-year.
RFM also disclosed early this year that with its stronger income and cashflows, it has paid up all its parent company debts to strengthen further its balance sheet.
The RFM Board likewise approved the recommendation of its management to purchase RFM shares from the Philippine equities market. “With a generally bearish market, we view the current RFM share price as a good value for investment. At the current RFM share price of PhP3.80, the dividend yield is 2%,” Concepcion added.