Pasig—(PHStocks)—The Board of Century Pacific Food Inc. (PSE: CNPF), the country’s largest canned food company, approved today a PhP0.10 per share regular cash dividend and a PhP0.10 per share special cash dividend to all stockholders of record as of 15 July 2016.
The total of PhP0.20 per share, representing 24% of the company’s 2015 net income, is set to be paid out on 10 August 2016.
The cash dividend is equivalent to a 1% dividend yield, based on a PhP21.55 closing price, adding to the stock’s more than 30% return to shareholders since the start of 2016.
This is the second time the company opted to declare a special cash dividend, following robust sales and net income growth during the previous year.
In 2015, CNPF saw consolidated revenues and net income expand by 14% and 21% respectively. The good performance was on back of strong volume growth across all branded segments, as well as declines in input prices that led to an improvement in margins. For the first quarter of 2016, the company continued to exhibit similar trends, growing revenues by 22% and net income by 45%, while maintaining a superior return on equity of 23%.
Just last month, CNPF also announced a 50% stock dividend totaling PhP1.18 billion. Subject to shareholder approval on 30 June, qualified investors will be entitled to half a share for every one share held, on top of the cash dividends that they will receive.