Carib Cement set to pay first dividend in 17 years | Loop Jamaica

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Carib Cement said the introduction of a dividend reflects the strong operating results and turnaround that the company has experienced over the last years.

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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 15, 2022.

If approved by Caribbean Cement shareholders, the dividend payment would be the first in 17 years.

In announcing the dividend recommendation, the board said it intends 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.

Carib Cement said the introduction of a dividend reflects the strong operating results and turnaround that the company 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 said it 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,” Carib Cement stated.

It added: “Caribbean Cement looks forward to continuing to contribute to the economic development of Jamaica, building a better future for all stakeholders.”

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