July 19 AGM to ratify September 9 payment date

Durrant Pate/Contributor

Jamaica’s sole cement manufacturer, Caribbean Cement Company Ltd, has revised the payment date for its first dividend in 17 years.

The company’s board of directors, at a meeting held on May 26, declared a final dividend of $1.5032 per share payable on August 15 with a proposed record date of August 4. However, this payment date has been has been revised to September 9.

Based on this dividend of $1.5032 per share, Carib Cement, which is listed on the main market of the Jamaica Stock Exchange, plans to fork out J$1.28 billion in dividend. The last dividend from Carib Cement occurred in 2005 and amounted to $59.6 million, or seven cents per share.

PROFITABLE FOR THE PAST 9 YEARS

The dividend recommendation will be voted on by shareholders at the annual general meeting (AGM) of the company, scheduled to be held at 10:00 am on July 19. The AGM will be held virtually, via live webcast.

Caribbean Cement has been profitable for the past nine years with annual earnings hitting a record of J$4.34 billion in 2021, up from J$3.2-billion profit in 2020, also a record year. The gains occurred notwithstanding the coronavirus pandemic, as a result of the boom in construction in Jamaica.

Caribbean Cement attained record sales numbers totalling J$23.8 billion in 2021, up from J$20.1 billion in 2020. Carib Cement announced last year that it formed a committee to develop a dividend policy that would guide potential dividend payouts going forward, pointing out this dividend demonstrates the “solid financial improvement” and overall transformation experienced by the company’s operations in recent years.