Yangzijiang Financial ups dividend payout policy to at least 40% of earnings, up to FY2024

YANGZIJIANG Financial (YZJFH), the Yangzijiang Shipbuilding spin-off, announced May 30 that it is upping its dividend payout policy.

The board said it intends to increase the amount of dividends paid to shareholders – either as an annual dividend or interim dividend – to at least 40 per cent of the group’s net profit after tax, excluding non-recurring, one-off and exceptional items.

This will be for the next 3 financial years up to FY2024.

The announcement comes a week after the company on May 23 proposed a mandate to allow it to buy back up to 10 per cent of its own issued ordinary share capital.

YZJFH will hold an extraordinary general meeting on June 8 to seek shareholders’ approval for the share buyback mandate.

Shares of YZJFH rose 2.1 per cent or S$0.01 to S$0.48 on May 30, before the announcement.