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OXLEY Holdings has unveiled a dividend policy of paying dividends not less than 25 per cent of the group's consolidated profit after tax for the financial years ending June 30, 2018 (FY2018) and June 30, 2019 (FY2019).
The property developer said this was after "having considered the current favourable market conditions".
In an announcement on Wednesday night, Oxley noted that the group's consolidated profit would exclude non-controlling interests and non-recurring, one-off and exceptional items.
It added that the dividend payments are subject to the availability of the company's retained earnings, the group's financial position, capital expenditure requirements, future expansion and investment plans, and other relevant factors as may be determined by the board.
The dividends will be paid on a half-yearly basis, subject to the approval of the board or the shareholders of the company, as required.
"The dividend policy for FY2018 and FY2019 was adopted to give clearer guidance to shareholders of the potential dividend payout which will be pegged to the financial performance of the group for the relevant financial years. The board believes that this policy is in line with good corporate governance practices and is in the best interest of the shareholders of the company."
On Wednesday, Oxley posted a nearly sevenfold jump in net profit for the first quarter to S$48.7 million from S$7 million a year ago. This was on the back of a 146 per cent increase in revenue to S$310.6 million from S$126.5 million.