Trinidad Cement Ltd (TCL) will pay a dividend to shareholders in July. This ends an eight-year period in which shareholders received no returns from the stock. Trinidad Cement last paid a dividend in December 2007. At four cents a share the total payout will amount to TT$15m (US$2.2m).
The board of directors said they approved the interim payment after considering contractual, economic, financial and legal factors.
TCL has been investing in regional businesses, including Caribbean Cement in Jamaica, and as a result has accumulated large debts. The company has only recently emerged from a period of sustained losses. Following a second restructuring of its debts, Cemex became a dominant owner, nearly doubling its stake to 39.5 per cent. As a result Cemex is due more than TT$5.9m (US$0.88m) of the dividends.
For 1Q16 Trinidad Cement reported net profits of TT$67m (US$10m), up from TT$47m (US$7m) at the end of 1Q15.