Banking and Finance

Societe Generale announces 125.0%y/y rise in dividend for 2019

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Societe Generale Ghana (SOGEGH) has announced a 125.0%y/y growth in dividend per share to GHS0.09 in respect of the 2019 financial year from GHS0.04 in the previous year. The significant growth in dividend was driven by 107.4%y/y rise in net earnings to GHS128.54 million in 2019 from GHS61.97 million in 2018 on the back of higher interest income and lower effective tax rate.

The company is expected to pay a total dividend of GHS63.82 million (based on total issued shares of 709.14 million and dividend per share of GHS0.09), which reflects dividend payout ratio of 49.7%, the highest payout ratio in the last four years.

The dividend of GHS0.09 per share reflects an attractive dividend yield of 12.5% based on the prevailing market price of GHS0.72. This is likely to come to the attention of dividend loving investors in Ghana. See details of the dividend release below.

Final Dividend

SOGEGH announces that the Company’s Directors will be recommending to the shareholders at the upcoming Annual General Meeting, the payment of a final dividend of GH¢0.090 per share for the 2019 financial year.

Qualifying date

All shareholders registered in the books of SOGEGH at the close of business on Tuesday, 24th March, 2020 will qualify for the final dividend.

Closure of Register

The Register of shareholders will be closed from Wednesday, 25th March, 2020 to Thursday, 26th March, 2020 (both dates inclusive).

Ex-Dividend Date

In view of the foregoing, the ex-dividend date has been set as Friday, 20th March, 2020. Consequently, an investor purchasing SOGEGH shares before this date will be entitled to the final dividend. However, an investor buying SOGEGH shares on or after Friday, 20th March, 2020 will not be entitled to the final dividend.

See also  Bank of Ghana: Financing Government in 2020 and 2022 with ¢10 Billion and ¢37.9 Billion

Dividend Payment Date

The final dividend will be paid on Monday, 25th May, 2020.

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