The board of DMCI Holdings Inc. has approved the declaration of P0.72 per common share in special cash dividends for shareholders on record as of November 2.
The ex-dividend date will be on October 27, while payment will be made on November 16, the company said.
Last April, DMCI paid its eligible shareholders a total of P0.48 per common share in regular and special cash dividends.
With this October declaration, DMCI’s total dividend payout for the year will be P1.20, 25 percent more than the P0.96 in total dividends declared last year. The total payout translates to a cash dividend yield of 11.32 percent based on its October 17 closing price of P10.60.
In all, DMCI will end the year with P15.9 billion in dividend payments to its shareholders, which represent 92 percent of the company’s consolidated core net income in 2021.
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.
For the first half, DMCI said it recorded a net income of P20.29 billion, more than double than the previous year’s P9.48 billion on elevated commodity prices and the strong performance of its subsidiaries.
From April to June, DMCI’s profits rose 73 percent to P9.03 billion from last year’s P5.2 billion, largely driven by higher coal, electricity and nickel prices, coupled with higher revenue recognition from its real estate business.
Core net income during the same period grew at a faster rate at 113 percent to P9 billion from P4.2 billion, after excluding nonrecurring gains of P37 million this year and P1 billion last year relative to the re-measurement of deferred tax liabilities as a result of CREATE law.
The company said it has already outperformed its 2021 full-year net income of P18.4 billion.
“We had a very strong first half because of elevated market prices. If the current trend holds till October, we hope to declare another round of special dividends for our shareholders before year-end,” said DMCI chairman and President Isidro A. Consunji.