DMCI Holdings Inc. of the Consunji family said Monday its board approved the issuance of special cash dividend amounting to a record P9.56 billion on the back to strong performance of coal mining and power generation businesses.
This is equivalent to P0.72 per outstanding common share to be paid to shareholders on record as of Nov. 2, the company said in a disclosure to the stock exchange.
DMCI said it would release the dividends on Nov. 16.
DMCI chairman and president Isidro Consunji in August hinted that the company might declare another round of special dividends for shareholders before the end of the year if coal prices would remain elevated.
DMCI’s unit Semirara Mining and Power Corp. is the largest coal producer in the Philippines and the only power producer that owns and mines coal.
Coal prices surged this year amid the global supply shortage.
DMCI in April paid eligible shareholders a total of P0.48 per common share in regular and special cash dividends.
“With this October declaration, DMC’s total dividend payout for 2022 will be P1.20, 25 percent more than the P0.96 in total dividends declared last year,” the company said.
The total payout translates into a cash dividend yield of 11.32 percent based on its Oct. 17 closing price of P10.60.
DMCI’s total dividend payment to shareholders would reach P15.9 billion, which represent 92 percent of the company’s consolidated core net income in 2021.
The conglomerate 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 share price of DMCI fell 4.1 percent Tuesday to close at P10.16.