Thursday, July 7, 2022

LIC dividend at record level

LIC shareholders are in for a good dividend pay-out, after a strong trading year by the dairy genetics business.

They will receive gross payments of 8.4c a share on their co-op shares and 54.91c on the investment shares listed on the NZAX.

Total dividend for the year ended May 31 will be a record $16.75 million, up from $11.99m a year earlier.

Dividends will be paid on August 23.

LIC made an after-tax profit of $23.7m, down from $24.4m, with the fall caused by a lower revaluation of the elite breeding bulls, which were up $2.4m this year, compared to a $9.4m rise in 2012.

This figure fluctuated and was not a key measure of trading performance, chairman Murray King said.

Earnings before interest and tax (Ebit) rose to $27.29m from $19.25m.

LIC has a strong balance sheet, with equity providing 75% of total assets of $275.5m at balance date.

Related stories: Strong year for LICLIC FY profit falls 3% as bull value gains slow

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