Apex Mining bares dividend policy

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Apex Mining Co. Inc. announced a new dividend policy entailing a cash dividend in an amount equivalent to 10 percent of its net income based on its consolidated audited financial statement for each year.

The dividend policy comes with a proviso that there is sufficient unrestricted retained earnings to cover the cash dividends.

The first cash dividend declared under the new policy totals P65.7 million based on the company’s net income after tax (NIAT) in 2021 of P657 million. Stockholders of record holding shares of APX common stock as of 30 Aug. 2022 are covered by this dividend declaration; the payout is on 15 Sept. 2022.

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Apex Mining’s total revenue for the second quarter of 2022 reached P2.537 billion, 67 percent higher year over year (YoY) while its consolidated net income after tax totaled P917.6 million, a 337 percent increase YoY.

Luis Sarmiento, Apex Mining president and chief executive officer, said this comes in light of the robust fundamentals of the company.

“We continuously strive to provide value to our shareholders,” Sarmiento said.

Over the years, Apex Mining has been focusing on strengthening its balance sheet, using its earnings for mining operations, exploration and development of new sources of ores, acquisition of new machineries and equipment, construction of facilities in preparation for the planned increase in milling capacity, and loan servicing.

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