D&L Industries Inc. on Monday declared a cash dividend of P0.236 per share, consisting of a regular dividend of P0.182 and a special dividend of P0.054.
The shares will trade ex-dividend on June 22, with payment scheduled for July 8, the company announced during its stockholders' meeting.
D&L also elected former Pilipinas Shell Petroleum Corp. president and chief executive Cesar Romero and former Energy Development Corp. president Richard Raymond Tantoco as independent directors, replacing Lydia Balatbat-Echauz and Corazon de la Paz-Bernardo, who completed the nine-year term limit prescribed by the Securities and Exchange Commission.
"We are pleased to welcome Cesar and Richard to the D&L board," D&L President and CEO Alvin Lao said. "Their perspectives and strategic insight will further strengthen our board as we continue to pursue sustainable growth and long-term value creation."
Lao also said the company was growing more optimistic about its prospects as prices of key raw materials retreat from recent highs and strong demand for its non-food products helps offset weakness in its food business.
"It's hard to predict, but I think the worst is over with a lower price of crude oil," he added.
Lao said crude oil prices had fallen to about $95 per barrel from a peak of $120 while coconut oil prices have declined by roughly 30 percent from around $3,000 per metric ton in August last year to about $2,100 per ton.
"So, in that sense, we're comfortable. If we could survive at $3,000 a ton, we're definitely OK at $2,100 a ton," he said.
The CEO said inflation and higher fuel prices were weighing on consumer spending and affecting demand for food-related products, but stronger performance from the non-food segment was offsetting the slowdown.
Lao said customers involved in plastics, packaging, paints and construction materials had continued to build up inventories amid concerns over potential supply disruptions related to the war in the Middle East.
D&L's non-food operations account for about 46 percent of revenues, while coconut oil represents roughly 39 percent of the company's raw material requirements.
Despite ongoing geopolitical tensions and market volatility, Lao said the company remained confident in its ability to navigate volatile business cycles and capitalize on opportunities created by disruptions.
D&L shares on Monday rose P0.11, or 3.06 percent, to close at P3.70 each.
