Saturday 15 August, 2020

Indies Pharma to pay out $186 million in dividends

Indies Pharma listed on the Junior Market of the Jamaica Stock Exchange in 2018.

Indies Pharma listed on the Junior Market of the Jamaica Stock Exchange in 2018.

Indies Pharma Jamaica Limited will pay out $186 million as an interim dividend to shareholders.  

The company will pay $0.14 per share on July 30 to shareholders on record from July 14. The ex-dividend date is July 13, 2020.

A year ago, Indies previously paid a dividend of $0.08 on February 25, 2019.

The company, listed on the junior market, specialises in distributing and retailing pharmaceutical and auxiliary products. It issued shares totalling 1.33 billion with parent company Bioprist holding 78 per cent.

Indies' cash and equivalents represent a total $153 million, generated mostly from the $108 million in net profit for its six months ending April.

The July interim dividend represents more than the $0.10 per share the company generated in profits for the entire financial year ending October 2019.

The company, however, continues to increase its quarterly earnings over the first two quarters of 2020 with profit equalling $0.08 per share.

The amount was spread between $0.05 and $0.03 in the first and second quarter respectively.

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