KUALA LUMPUR, Nov 22 -- BW LPG Limited (BW LPG) reached the highest ever quarterly net profit of US$117 million in the third quarter 2019, underpinned by outstanding commercial performance and a strong VLGC freight market. (US$1 = RM4.17)
In light of the solid financial performance, the board has amended the current dividend policy from a semi-annual to a quarterly dividend payout.
The board also declared a further dividend of US$0.33 per share amounting to US$45.7 million for Q3 2019. The dividend will be paid around Dec 6 to shareholders on record as at Nov 27.
The shares will be traded ex-dividend from Nov 26. Together with the US$0.10 per share dividend paid for 1H 2019, the YTD 2019 interim dividends declared totals US$0.43 per share.
VLGC freight rates showed strength throughout the third quarter, mainly supported by overall strong US LPG exports and high geographical LPG price spreads.
The expansion of enterprise export terminal is expected to ease the US Gulf Coast export terminal capacity and support high US exports and VLGC fleet utilisation.
The growth in LPG exports is supported by strong demand for imports, mostly driven by the petrochemical sector in North-East Asia as well as the retail sector from emerging markets in the subcontinent and across Asia.
The expectation is therefore, that ton-mile demand for VLGCs will increase, giving a positive freight outlook for the remainder of 2019 and 2020.
-- BERNAMA
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