Benso Oil Palm Plantation (BOPP:GSE) has declared a dividend of 0.0628 per share in respect of the 2017 financial year, driven by 35.0% rise in PAT to GHS10.92 million in FY2017 on the back of good topline growth and better operating efficiency.
BOPP's dividend of GHS0.0628 per share would result in a total dividend of GHS2.19 million, which reflects a dividend payout ratio of 20.0% for 2017. BOPP has maintained its payout ratio at 20.0% for the sixth consecutive year or since the acquisition of the company Wilmar Africa. The company's payout ratio was significantly higher prior to its acquisition by Wilmar, and as such we think the drop in the payout ratio to 20.0% may have been influenced by the company's new majority owners.
BOPP's dividend per share grew by 35.1%y/y to GHS0.0628 per share in 2017, from GHS0.0465 in 2016. However, this still reflects a very low dividend yield of 0.9%, which may not be an attraction for dividend loving investors.
See the press release below for key dates relating to the dividend
BOPP announces that the Company's Directors will be recommending to shareholders at the upcoming Annual General Meeting the payment of a final dividend of GH¢0.0628 per share for the 2017 financial year.
Qualifying date
All shareholders registered in the books of BOPP at the close of business on Wednesday, 16th May, 2018 will qualify for the final dividend.
Closure of Register
In view of this, the Register of shareholders will be closed from Thursday, 17th May, 2018 to Friday, 18th May, 2018 (both dates inclusive).
Ex-Dividend Date
The ex-dividend date has been set as Monday, 14th May, 2018. Consequently, an investor purchasing BOPP shares before this date will be entitled to the final dividend. However, an investor buying BOPP shares on or after Monday, 14th May, 2018 will not be entitled to the final dividend.
Proposed Dividend Payment Date
The dividend will be paid on Friday, 29th June, 2018.
