FMP declares $5.5 million dividend

Zimbabwe Stock Exchange listed Property Company, First Mutual Properties (FMP) has declared a $5, 5 million quarterly dividend for the first quarter of 2021.

During the quarter under review, First Mutual Properties revenue increased by 411% compared to the same period in the prior year. In the last quarter of 2020, FMP set aside $7.3 million quarterly dividend pay-out indicating the company’s positive performance despite the obtaining economic challenges.

In a statement, FMP company secretary Sheila Frances Lorimer said the dividend declaration was in line with the resolutions made during the board meeting last month.

“At a meeting held on 2 June 2021, your Board resolved that an interim dividend pay-out in the sum of  $5,561 million being 0,4497 cents per share be declared from the profits for the quarter ended 31 March 2021,” she said.

Lorimer added that the dividend will be payable on or about 6 August 2021 to all shareholders of the Group registered at close of business on 30 July 2021.

“The shares of the group will be traded cum-dividend on the Zimbabwe Stock Exchange up to 27 July 2021 and ex-dividend as from 28 July 2021,” she added.

A dividend is the distribution of some of a company’s earnings to a class of its shareholders. Dividends are usually paid in the form of a dividend check. However, they may also be paid in additional shares of stock. The standard practice for the payment of dividends is a check that is mailed to stockholders a few days after the ex-dividend date, which is the date on which the stock starts trading without the previously declared dividend.

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