Shin Kong Financial Holding Co’s (新光金控) board of directors has approved a proposal to distribute a cash dividend of NT$0.4 per common share, flat from a year earlier, although the company’s net profit fell 27.43 percent annually to NT$14.39 billion (US$508.14 million) last year.
Given Shin Kong Financial’s earnings per share of NT$1.12 for last year and its share price of NT$8.29 on Friday, the proposed dividend suggests a payout ratio of 35.7 percent and a dividend yield of 4.82 percent.
The company’s shares closed up 0.24 percent at NT$8.31 in Taipei trading yesterday, the first day of trading after the 228 Peace Memorial Day long weekend.
Photo courtesy of Shin Kong Financial Holding Co
The proposal still needs to be approved by shareholders at the annual general meeting scheduled for May 25, the company said in a statement on Friday.
After the distribution, the company would still have undistributed profit of NT$27 billion, Shin Kong Financial said, adding that it plans to steadily distribute cash dividends in the coming years.
Many shareholders criticized the company’s low cash payout policy at the annual general meeting in June last year.
Then-chairman Eugene Wu (吳東進) defended the move, saying the firm needed capital to meet tighter regulations.
The board of directors on Friday also approved a proposal to raise fresh funds of NT$20 billion, the latest capital increase following a cash injection of NT$13.25 billion last year.
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