Credit Corp pays ordinary shares 12 toea

The National Business

CREDIT Corporation (PNG) Ltd has announced a 2019 final dividend on ordinary shares of 12 toea per share, a one toea decrease from the 2018 final dividend of 13 toea per share.
It said this brings the total dividend for 2019 financial year to 19t per share, in line with the 2018 total dividend, delivering a yield of 11.52 per cent on the current share price of K1.65 as of Dec 31 last year.
The payout ratio for the 2019 financial year of 55 per cent of core operating profit is lower than the previous year which was 68 per cent and reflects the board’s prudence in ensuring an appropriate capital buffer is in place given the uncertainties created by the Covid-19, according to the company.
It said the planned processing dates for the 2019 final dividend were:

  • Ex-Date: June 30, 2020;
  • Record Date: July 8, 2020; and,
  • Payout Date: Aug 29, 2020.

Chairman Syd Yates said Credit Corporation’s full year financial performance was robust, with net profit from operations up 34.8 per cent on the prior year.
“The board’s continued confidence in the outlook for the group is reflected in the final dividend of 12t,” Yates said.
“Directors have acted prudently in retaining the full-year dividend at 2018 financial year levels given the uncertainties of the Covid-19 in the current year.
“We are proud that we have continued our strong focus on shareholder wealth creation demonstrated by an uninterrupted record of dividend payments over a 41-year period.”