Paz distributes NIS 250m dividend

The board of directors of Paz Oil Company Ltd. (TASE:PZOL) today approved the distribution of a NIS 250 million dividend. The dividend of NIS 0.246 per share gives an annual dividend yield of 4.4%.

The ex-date for the dividend is January 15, and the payment date is January 26.

Paz last distributed a dividend in 2011.

Paz, controlled by Zadik Bino, posted a cash flow from operations of NIS 2.4 billion in January-September 2012 and a net profit of NIS 101 million.

Paz CEO Yona Fogel said that the company distributed NIS 1.3 billion in dividends in 2007-13, amounting to 51% of its profits. The current dividend boosts the total to NIS 1.55 billion, and the company has NIS 800 million in profits available for distribution.

Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2014