East Africa Cables raises dividend [Business Daily (Kenya)]
(Business Daily (Kenya) Via Acquire Media NewsEdge) East African Cables shareholders will enjoy a 25 per cent increase in dividend following a two-thirds jump in profit for the financial year ended December 2012.
The cable manufacturer announced a final dividend of Sh1 per share on Monday from the 80 cents payout in 2011 on the back of a net profit of Sh522 million.
The firm attributed the 66 per cent growth in the after-tax profit to relatively more stability of Eastern Africa currencies over the past year.
"The growth in earnings was driven by increased export sales, production efficiency, cost reduction and improved profit from our subsidiary in Tanzania," EAC said in the statement.
Transcentury Limited, which is EA Cable's largest shareholder with a 68.3 per cent stake, is set to get a boost from the payout.
The total dividend to be paid to shareholders this year has gone up to Sh253 million from the 2011 figure of Sh202 million. This final dividend will be paid from June 14, 2013 to shareholders on the company register by close of business on May 3, 2013.
Transcentury stands to earn Sh173 million in dividends from its shareholding in the cable company, up 25 per cent from Sh138.4 million in total dividend earned in 2011.
The company's dividend payout had dropped by 20 cents from the 2010 level after the cable maker issued bonus shares last year.
Its share price remained unchanged from last week's closing price of Sh13.45 in Monday's trading at the Nairobi Securities Exchange.
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