Listed companies owned by businessman Lucio Co declared higher cash dividends in 2022 following the strong recovery of their core businesses.
Cosco Capital Inc., the retail holding company of Co, said in a disclosure to the stock exchange its board of directors declared P0.19 per share cash dividend to shareholders as of record date Jan. 18, 2023. The cash dividends would be paid on Jan. 28, 2023.
The amount represents a 58-percent year-on-year increase in annual cash dividends declared compared to the previous year. It also accounts for 20 percent of the company’s net income last year.
Cosco said it had paid yearly dividends to shareholders without interruption since 2014. Cosco has a portfolio of business interests in retail, real estate, wine and liquor and oil and minerals.
The board of The Keepers Holdings Inc., the imported liquor distribution company of Co, also approved cash dividend of P0.054 per share to common shareholders as of record date Jan. 10, 2023.
The cash payout, payable on Jan. 20, 2023, represents a 125 percent-year-on year increase in annual cash dividends.
It is also equivalent to 50 percent dividend payout from the company’s prior year net income.
The Keepers owns Montosco Inc., Meritus Prime Distributions Inc. and Premier Wine and Spirits which are engaged in the importation, distribution and marketing of imported alcoholic and non-alcoholic beverages.
These firms distribute international liquor brands such as Alfonso, Johnnie Walker, Chivas Regal, Glenfiddich, Jose Cuervo, Jim Beam, Martell, Absolut, Red Bull and Jinro.
The company formed a new distribution firm, Fertuna Distributions Inc., early this month.