Potash Corp. CEO William Doyle.© David Stobbe / Reuters/Reuters
Potash Corp. of Saskatchewan said Wednesday it raised its quarterly dividend payment for a fourth time in two years, citing confidence in future demand for its crop nutrients in an increasingly hungry world.
Potash Corp., the world's largest fertilizer maker, said it raised its quarterly cash dividend payment by 33 per cent to 28 cents (U.S) a share from 21 cents previously.
"This change marks the fourth – and more than 700 per cent cumulative – increase in our dividend since the beginning of 2011" said Potash Corp. president and chief executive officer Bill Doyle. "We are excited by the potential of our company, particularly as our potash expansion program nears completion. Our board and management team's decision to further enhance our dividend reflects the confidence we have in our ability to generate strong cash flow in the years ahead.
Mr. Doyle has long insisted that rising global population and increasing affluence in countries like India and China will spell increased demand for agriculture and its key inputs.
Potash Corp. reports its earnings tomorrow.