PGH Announces Dividend Distribution and Upcoming General Assembly
PGH, one of the heavyweights of the Tunisian stock market, published its draft resolution for its upcoming General Assembly of shareholders, scheduled for June 12th. The flagship resolution is the distribution of a dividend of 0.360 TND per share, exceeding estimates.
To put this into perspective, the company achieved a profit of 70,962 MTND, largely consisting of dividends received from its various subsidiaries. It's worth noting that the last time PGH distributed a dividend of this magnitude was in 2018, with a dividend of 0.355 TND per share.
As of yesterday's closing, the dividend yield stands at 3.58%, which is in line with the overall market average. While this announcement may not significantly boost the stock's performance, PGH's diversified presence across various sectors and the market's focus on activity indicators may mitigate any potential impact.
We believe the stock has solid prospects ahead. In particular, there is potential for an excellent dividend next year, given the consolidated result of 2023, which will constitute the individual result of 2024, amounting to 129,654 MTND. This is a promising outlook, and we think the market will soon take notice. Having a portfolio stock with strong dividend potential can only be a good thing.