Cebu Landmasters, Inc. declared a regular cash dividend following the company’s stellar performance in 2020, a development that highlighted its resilience despite disruptions brought about by the pandemic.
The cash dividend equivalent to 25 centavos per share was approved during the board meeting held today, March 16, 2021. Shareholders on record as of [April 16, 2021] will be entitled to the dividends to be paid out on [May 10, 2021].
The company reported in 2020 P14.25 billion of sales take-up, a 12.4% growth from the previous year’s P12.67 billion, amidst nationwide lockdowns.
The company has declared a cumulative amount of 60 centavos per share of cash dividends since it went public in June 2017. In 2020, it paid-out 25 centavos per share of dividends.
Cebu Landmasters also recently announced a 123% stock dividend in 2021, which was approved by the stockholders during its special stockholders’ meeting last February 26, 2021.
The stock dividend is meant to strengthen the capital base of the listed company that now has more than P50 billion in total assets, and to prepare the firm for any significant equity raising opportunities. The stock dividends will be sourced from the increase in authorized capital stock of CLI upon approval of the Securities and Exchange Commission.