Tuesday, 18 May 2004  
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Aitken Spence premium dividends

Aitken Spence and Co. Ltd, has again amply rewarded their shareholders by enhancing their dividend payment.

The blue chip conglomerate has announced a final dividend of 35% for the year 2003/04, which together with the interim dividend of 25% paid in March amounts to a total dividend of 60% for the year, which is one of the highest among listed companies, a spokesman for the company said.

The total payout is a 34% increase over the previous year. Aitken Spence has consistently maintained an attractive dividend policy over the years and this year is no exception.

The company is expected to report a substantial growth in profits for the year 2003/04 with a strong performance from the tourism industry and a significant contribution from the power generation sector. This would be the highest ever dividend payment by the company since the company obtained a listing on the Colombo Stock Exchange in 1983.

The company has made heavy investments in the previous year in the power generation sector, tourism sector and in new ventures.

The company has not burdened their shareholders to raise capital for its investments which have been funded by long-term debt and internally generated funds. The company's issued share capital remains at a relatively modest Rs. 270 million.

The fact that Aitken Spence was recognised by Forbes Magazine as being among the 200 most successful companies outside the United States with annual sales below one billion US dollars, is testament to their commitment to continuously enhancing shareholder value, he said.

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