DMCI Holdings Inc. has declared a special cash dividend amounting to P6.37 billion in special cash dividends following a record high cash dividend declared by subsidiary Semirara Mining and Power Corporation.
In a disclosure to the Philippine Stock Exchange, the firm said the special cash dividend comes on top of the P6.37 billion in regular and special cash dividends paid out in April this year.
DMCI shareholders on record as of October 26, 2021 are entitled to a special cash dividend of P0.48 per share. Payment will be made on November 10, 2021.
With this additional special cash dividend, DMCI Holdings will end the year with P12.75 billion in total dividend payments, which represent 194 percent of the company’s consolidated core net income in 2020.
The 194 percent dividend payout ratio is the highest in the history of DMCI Holdings whose dividend policy commits to at least 25 percent of the preceding year’s consolidated core net income.
The company’s total annual dividend of P0.96 reflects a cash dividend yield of nearly 12 percent based on its October 11, 2021 closing price of P8.10.
SMPC had also declared P7.4 billion in special cash dividends on top of the P5.3 billion in regular cash dividends paid out in April this year.
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DMCI Holdings reported that its first-half consolidated net income soared 375 percent to P9.5 billion from the P2 billion earned in the same period last year.
The firm said “the sharp uptrend was due to the exceptional rebound of its subsidiaries, Semirara Mining and Power Corporation (SMPC), DMCI Homes and DMCI Mining.” Excluding a non-recurring gain of P1.2 billion this year, consolidated core net income surged 217 percent from P2.6 billion to P8.3 billion.
One-time items consist of the remeasurement of deferred tax liabilities as a result of the CREATE law and P586 million net loss mainly from sales cancellations for a real estate project last year.
“Coal and nickel prices were rallying while our production was ramping up so our second quarter was even better than our first quarter. Revenue recognition in our real estate business also improved on higher productivity,” said DMCI Holdings Chairman and President Isidro A. Consunji.