The Board of Caribbean Cement Company Limited (CCCL) will recommend that a dividend payment of J$ 1.5032 per share be made payable to shareholders on August 15th, 2022.
The recommendation follows a Board meeting on May 26 and will be placed before shareholders for approval at its upcoming annual general meeting (AGM), expected to be held on July 19.
This latest development follows the commitment given by the company at its AGM in December last year. At that time, it was announced that a committee would be formed to develop a dividend policy that would guide potential dividend pay outs going forward.
If approved by Caribbean Cement shareholders, the dividend payment would be the first in 17 years. This offer demonstrates the solid financial improvement and overall transformation experienced by the company’s operations in recent years.
It is the Board’s intention that this payout will be the start of a sustainable dividend programme that should be aligned to the operating results of CCCL and provide stable returns to shareholders.
The introduction of a dividend reflects the strong operating results and turnaround that CCCL has experienced over the last years. Net profit has increased by 130 per cent over the last four years. Along with the significant operational improvement, management has focused on improving the financial profile of CCCL by de-risking the business through deleveraging and reduction in foreign exchange exposure.
This financial and operational transformation benefits all stakeholders in the company including shareholders, employees, and the local communities in which we serve.
Caribbean Cement looks forward to continuing to contribute to the economic development of Jamaica, building a better future for all stakeholders.