Puregold Price Club Inc., the supermarket chain owned by businessman Lucio Co, is increasing its payout to shareholders after its board of directors approved a new dividend policy.
Under the new policy, at least 30 percent of core net income of the previous year will be returned to shareholders in the form of cash dividends.
Puregold said in a disclosure to the stock exchange its board of directors also approved the declaration of P0.86 per share cash dividends to shareholders as of record Jan. 10, 2023. The dividends are payable on Jan. 20, 2023.
“This dividend represents a 72-percent year-on-year increase in annual cash dividends declared versus the previous year,” the company said.
Puregold has paid dividends to its shareholders without interruption since going public in 2011.
Puregold said its board also approved the continuation of P5-billion share buy-back program for 2023.
The company said that as of end October, it had repurchased 5.12 million shares equivalent to P175.56 million.
The Puregold Group had a total of 513 stores nationwide, including 443 Puregold stores, 22 S&R membership shopping warehouses and 48 S&R New York Style QSRs as of end-September.
Puregold posted a net income of P6.5 billion in the first three quarters, up 13 percent from the same period last year on the back of the continued rise in traffic and increased business activities.
Puregold consolidated net sales in the first nine months went up by 11 percent year-on-year to P 127.6 billion as total traffic increased 12 percent from a year ago.
Third-quarter net income surged 30 percent year-on-year despite headwinds caused by inflation and commodity supply pressures.
Puregold’s share price rose 3.5 percent Wednesday to close at P34.25.
