Elders Ltd (ASX: ELD) shareholders will have something to cheer about today as the company pays out its latest dividend.
The agribusiness company is rewarding eligible investors with a partially franked interim dividend of 28 cents per share.
At Thursday's market close, the Elders share price finished 0.16% higher at $12.72.
Despite being in the green, it has been a tough period for Elders shares, which have fallen 5% in a week and 9% in the past month.
Let's take a look at all the details regarding the Elders dividend.
Elders pays out record dividend
Elders delivered an outstanding performance across key metrics in its first half results for the 2022 financial year.
In summary, management reported sales revenue of $1,514.8 million which reflected a 38% increase on the prior comparable period.
Furthermore, earnings before interest and tax (EBIT) accelerated by 80% to $132.8 million
On the bottom line, this led to a net profit after tax (NPAT) of $91.2 million, up 34% on H1 FY21.
Elders noted the robust financial scorecard was underpinned predominantly by its rural products business. Demand surged for fertiliser and crop protection products on the back of favourable seasonal conditions in key cropping regions.
However, the biggest win for shareholders came in the form of the board's decision to ramp up the interim dividend.
For context, the first half dividend for FY22 represented a 40% jump on the 20 cents declared in H1 FY21.
Notably, this is now the highest Elders dividend ever paid to shareholders in the history of the company.
When calculating against the last closing share price, Elders is trailing on a forecast dividend yield of 3.94%.
Elders share price snapshot
Over the past 12 months, the Elders share price has risen by 8%. It is also up by 3% this year to date.
It was only in March this year that the company's shares accelerated following a positive trading update.
Just two months later on 23 May, Elders shares reached a decade high of $15.32.
The company presides a price-to-earnings (P/E) ratio of 11.51 and commands a market capitalisation of roughly $1.99 billion.
