If you own Pilbara Minerals Ltd (ASX: PLS) shares, then you will no doubt be disappointed to see the lithium miner tumble deep into the red today.
But one thing you may be pleased with is the announcement of the company's inaugural final dividend this morning with its FY 2023 results release.
The Pilbara Minerals dividend
Before the market open, Pilbara Minerals released its full-year results and revealed a 242% increase in revenue to $4,064 million and a 329% jump in underlying profit after tax to $2,276.3 million.
This strong growth was underpinned by a 68% increase in spodumene concentrate sales volumes to 607.5kt and a sizeable 87% jump in the average realised price to US$4,447 per tonne.
Also growing strongly was Pilbara Minerals' operating cash flow. It increased 434% to 3,456.7 million in FY 2023.
So, with the company's capital management framework now firmly in place, this allowed the Pilbara Minerals board to declare its first final dividend.
According to the release, the company will be rewarding shareholders with a 14 cents per share fully franked final dividend. Which, when added to its 11 cents per share interim dividend, brings its full-year payout to 25 cents per share. This represents a total return of approximately $750 million.
Based on the current Pilbara Minerals share price of $4.77, this represents a full-year dividend yield of 5.25% and an attractive final yield of 2.9%.
When is pay day?
The good news is that it isn't too long until the Pilbara Minerals final dividend will be paid to eligible shareholders.
The company revealed that it plans to make the payment in just over a month on 27 September.
If you want to receive this dividend, you will have to be on the company's share registry before the ex-dividend date on 5 September. If you were to buy shares on that date (or after), the rights to the dividend would stay with the seller of the shares and not transfer to you.
