DMCI Holdings Inc. and Semirara Mining and Power Corp. (SMPC), two listed firms led by the Consunji family, on Wednesday declared special cash dividends.
DMCI Holdings said in a disclosure to the stock exchange its board of directors approved a special cash dividend of P0.48 per common share for shareholders on record as of Oct. 30, 2024.
This follows a previous declaration of P0.72 per share in regular and special dividends made on April 4, 2024.
It said that with the October declaration, DMCI’s total dividend payout for 2024 reaches P1.20 per share, amounting to P15.9 billion, representing 65 percent of the company’s core net income in 2023.
The ex-dividend date is set for Oct. 29, 2024, with payment scheduled for Nov. 15, yielding a 10-percent dividend based on the company’s closing price of P11.72 on Oct. 15.
DMCI Holdings has a dividend policy that commits to a dividend payout ratio of at least 25 percent of the preceding year’s consolidated core net income.
The board of SMPC also approved the declaration of a special cash dividend of P2.50 per outstanding common share for shareholders on record as of Oct. 29, 2024.
The ex-dividend date is Oct. 28, with payment expected on Nov. 14. This follows the company’s April payout of P3.50 per share, totaling P14.88 billion in dividends.
With the latest declaration, Semirara’s total dividend payout for 2024 will reach P25.50 billion, equating to a remarkable 91-percent payout of its net income, above its policy of at least 20 percent.
The total annual dividend of P6 per share results in an almost 18-percent yield based on its closing price of P34 on Oct. 15.
Both announcements highlight the Consunji family’s commitment to returning value to shareholders through substantial dividend payouts.
Shares of DMCI on Wednesday surged 5.8 percent to P12.40, while the stock price of SMPC closed unchanged at P34.
DMCI reported a 29 percent decline in net income to P11.1 billion in the first half of 2024 from P15.6 billion a year ago.
Net income of SMPC, country’s largest coal producer, also declined in the first half by 34 percent, to P12.6 billion from P19.2 billion a year earlier on weaker coal prices and higher coal production costs.
