NagaCorp nods dividend for 2022 via scrip shares

Apr 24, 2023 Newsdesk Latest News, Rest of Asia, Top of the deck  

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Shareholders of casino developer and operator NagaCorp Ltd approved on Friday payment of a final dividend of US$0.0075 per share for calendar year 2022.

The decision was affirmed at the annual general meeting.

As had been flagged at the time of the annual results in February, the Hong Kong-listed firm said the dividend payout would be “wholly by way of scrip shares without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment”.

NagaCorp has a long-life casino monopoly in the Cambodian capital, Phnom Penh, operated via its NagaWorld complex of gaming, hotel, and shopping facilities.

At the time of the annual results, the company said such a scrip-share arrangement would represent a “dividend payout ratio of approximately 60 percent,” based on the net profit generated for the second half of 2022.

In July, the company declared an interim dividend of US$0.0073 per share, also by way of scrip shares. The firm did not pay any dividend last year.

For full-year 2022, NagaCorp had reported a net profit of nearly US$107.3 million, compared to a loss of US$147.0 million in the prior year. Such profit was on revenue that rose by 104.0 percent year-on-year, to US$460.7 million, as trading improved amid market recovery from the Covid-19 pandemic.

Friday’s meeting also confirmed the re-election of company chairman Tim McNally, as a non-executive director. Also re-elected were Chen Yiy Fon as an executive director; and Michael Lai Kai Jin, as an independent non-executive director.

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