When it comes to investing in ASX dividend shares, looking at a company's income track record is one of the first things I do. A company's management can tell us all sorts of things about how strong its business model is or how exciting its growth potential might be.
But when the rubber hits the road, actions usually speak louder than words. And if a company has shown the financial strength to deliver a consistently growing dividend over a long period of time, it usually indicates that it is doing something right.
So with that in mind, today, let's discuss three ASX shares that have demonstrated a seemingly unstoppable dividend growth streak over recent years.
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3 ASX shares with unstoppable dividend growth streaks
WiseTech Global Ltd (ASX: WTC)
Logistics software company Wisetech Global first burst onto the ASX scene as a popular tech growth stock. But as the old 'WAAAX' group faded into obscurity, this company has continued to scale new heights as an ASX dividend share. Most investors might know Wisetech for its stellar share price growth. The Wisetech share price is up more than 90% since the start of 2023 after all.
But what many Wisetech fans might not know is that this company has been building up an impressive streak of dividend pay rises.
Wisetech made its first dividend payment to shareholders back in 2017, forking out an annual 2.2 cents per share. But by 2023, this had grown (every year) to 15 cents per share – a compounded annual growth rate (CAGR) of 37.7%.
2024's interim dividend of 7.7 cents was also a big improvement on the 6.6 cents per share investors enjoyed in 2023. So it looks as though Wisetech's streak is set to continue.
TechnologyOne Ltd (ASX: TNE)
Next up, we have another tech stock in TechnologyOne. This enterprise software share also has an impressive, but little-known dividend track record.
Again, this may escape the notice of investors too busy looking at this ASX dividend share's stellar stock price performance. After all, TechnologyOne shares have risen by a whopping 136% over the past five years.
Back in 2014, this company forked out an annual total of 6.2 cents per share in dividend payments. But by 2023, this had grown to 19.5 cents per share (a CAGR of 13.58%) after a clockwork-like annual dividend pay rise every single year.
That's well over TechnologyOne's stated goal of increasing its dividends by 8-10% per annum.
Washington H. Soul Pattinson and Co Ltd (ASX: SOL)
Last but certainly not least, we have ASX 200 investing house and dividend share Washington H. Soul Pattinson, or Soul Patts for short. Much like a listed investment company (LIC), Soul Patts isn't your typical ASX share. Instead of selling a good or service, this company manages a portfolio of underlying assets on behalf of its shareholders.
These assets include a huge portfolio of blue-chip shares, as well as significant chunks of a select group of companies. These include TPG Telecom Ltd (ASX: TPG) and Brickworks Ltd (ASX: BKW). Soul Patts' investment portfolio also houses other assets like unlisted businesses and private credit.
Soul Patts has the most impressive dividend streak on the ASX, with no exception. This company has paid out a dividend every single year for more than a century, for one. But it has also delivered a dividend pay rise to investors for 24 years and counting.
In 2017, Soul Patts forked out an annual total of 54 cents per share. But by 2023, this had grown to 87 cents – representing a CAGR of 8.27%.
This record alone speaks for itself.
