Here's what's happening with the boosted Whitehaven dividend

Whitehaven reported its full-year results on Thursday, which included a lift in the ASX 200 coal stock's final dividend.

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Looking to snag the latest Whitehaven Coal Ltd (ASX: WHC) dividend?

The S&P/ASX 200 Index (ASX: XJO) coal stock reported its full-year results for the financial year ending 30 June (FY23) yesterday.

If you're after the passive income from the coal miner's dividend, here's what you need to know.

Everything you need to know about the Whitehaven dividend

Whitehaven reported some strong full-year results, including a record $6.1 billion in FY23 revenue. That's up 23.3% from the prior year.

The ASX 200 coal miner also reported an all-time high net profit of $2.67 billion, an increase of 36.7% from FY22.

And cash generated from the coal miner's operations increased from $2.6 billion in FY22 to $4.2 billion in FY23, up 62%.

As for the Whitehaven dividend, management declared a final fully franked dividend of 42 cents per share. This represents a 5% increase from the 40 cents per share in FY22.

Adding that in with the interim Whitehaven dividend of 32 cents per share and the full-year payout comes to 74 cents per share. At the current Whitehaven share price, this equates to a juicy yield (partly trailing, partly yet to be paid) of 11.3%, fully franked.

This represents a payout ratio for FY23 of 23%.

If we add in the share buy-back of some $959 million during the year, the payout ratio for FY23 comes out to 50% of net profit after tax (NPAT). That percentage is aligned with the company's capital allocation framework.

Now, if you're looking to grab the interim Whitehaven dividend (which represents a pending, fully franked yield of 6.4% all on its own), you'll need to own shares at market close next Wednesday, 30 August.

The ASX 200 coal stock trades ex-dividend on 31 August.

Eligible investors can then expect to see that passive income hit their bank accounts on 15 September.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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