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Canadian Pacific Railway locomotives are shuffled around a marshalling yard in Calgary on May 16, 2012.Jeff McIntosh/The Canadian Press

Canadian Pacific Railway Ltd. has boosted its quarterly dividend by 27.5 per cent.

The Calgary-based railway says the payout will increase to 83 cents from 65 cents and will be payable July 29 to shareholders of record June 28.

The increase comes nearly two weeks after CP Rail’s profits surged 25 per cent during the winter quarter despite lower volumes caused by frigid temperatures and heavy snowfall.

The railway has increased its dividend for a fourth straight year, representing a 137 per cent increase since 2014.

It has paid $1.47 billion in dividends over this time and returned $9.2 billion to shareholders.

CEO Keith Creel says the significant increase represents its outstanding performance and commitment to creating long-term value for shareholders.

“CP remains well-positioned for sustainable, profitable growth and providing balanced shareholder returns is an important part of our success,” Creel said in a statement.

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