NEWS

 

TUESDAY, 19 JUNE 2012 19:04 PAUL ANTHONY A. ISLA / REPORTER

Source: Business Mirror

Link: http://businessmirror.com.ph/home/companies/28772-chemrez-technologies-sets-p1586-m-in-cash-dividends

BIODIESEL and oleochemicals maker Chemrez Technologies Inc. said on Tuesday its board of directors approved the declaration of P158.6 million in cash dividends.

At its annual stockholders’ meeting, Chemrez said the board declared a regular cash dividend of P0.06 per share and a special cash dividend of another P0.06 per share.

The cash dividend, a total of P0.12 percent is equivalent to 51 percent of the company’s P311 million net income last year. In percentage points, this is higher than the 39 percent of 2010’s net income declared as cash dividends in 2011.

Chemrez said the dividend is equivalent to a yield of 4.9 percent per share, and that it has been consistently paying cash dividends since 2001.

The company said all stockholders of record as of July 18 are entitled to the cash dividends with ex-date set on July 13. The dividend will be paid on August 13.

“While the business environment has become more challenging due to stiffer competition and higher costs, we continue to reward loyal shareholders with a share of the company’s earnings,” Chemrez officials said.

They added that Chemrez remains committed to consistently provide shareholders with a decent return on their investments.

Last year, Chemrez’s revenues reached P5.1 billion with 53 percent of sales coming from oleochemicals that include biodiesel, 41 percent from resins, and 6 percent from powder coating.

Chemrez said exports sales grew to P1 billion last year from P991 million in 2010 as the company pursues its strategy of seeking new markets overseas since it is already the leader in most of its product segments.