Jiutian Chemical declares 0.35-cent interim dividend, first since FY2008

JIUTIAN Chemical is declaring an interim dividend of 0.35 Singapore cent per ordinary share, the first time since FY2008 that it is declaring an interim dividend.

This comes after the group recorded strong gains from the recovery of China's economy amid the pandemic. It posted a net profit of 90.31 million yuan (S$18.48 million) for its first quarter ended March 31, more than 30 times that of its net profit of 2.87 million yuan the year before.

Earnings per share was 4.54 fen, up from 0.16 fen the year before.

Chairman Han Lianguo said: "The strong demand for our main products continued to gather momentum in 2021, and barring any significant resurgence of Covid-19 in China, we anticipate the production operations of the group to be smooth and product prices to remain stable for the rest of the financial year."

The board intends to, where possible, "maintain the stability and sustainability of dividend distribution of the company", he added.

The interim dividend is expected to be paid on June 18.

In financial statements posted on Friday, Jiutian said it is in the process of finalising an expansion plan comprising a new 100,000 ton methylamine plant adjacent to its current 120,000 ton methylamine/dimethylformamide facility.

The counter closed at 9.1 Singapore cents on Friday, down 0.7 cent or 7.14 per cent.

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