LISTED food and beverage company RFM Corp. (RFM) disclosed that its Board of Directors approved Wednesday, January 12, 2022, a cash dividend of P394 million or P0.116936 per share payable on February 22, 2022 with record date as of January 26, 2022.
RFM chief executive officer Jose Ma. A. Concepcion III said: “RFM is looking into more dividend payments, perhaps quarterly instead of twice a year and also targeting about five percent dividend yield.
RFM paid out 60 percent of its net income in the previous year but we will revisit in late 2022 if we can further improve our payout, given the cash accumulation and performance of the brands.”
The company’s unaudited, internal estimates of topline for 2021 at over P16.8 billion show a decent seven percent growth from 2020 while income is expected to be flattish versus 2021’s P1.29 billion. Its ice cream business joint venture with Unilever saw a better year in 2021 despite cost pressures from raw materials. (PR)