Methanex (TSX: T.MX, Stock Forum) late Wednesday announced that its Board of Directors has approved an 8% increase to its quarterly dividend to shareholders, from 18.5 cents to 20 cents per share, this according to a company news release.
This represents the ninth increase since the company implemented a dividend in 2002, during which time the company’s stock price has more than tripled.
"Higher methanol prices in the first quarter contributed to higher adjusted EBITDA compared to last quarter. Entering the second quarter, methanol demand has continued to be healthy and the pricing environment remains stable," said Methanex President and CEO John Floren.
For its first quarter of 2013, Methanex reported adjusted net income of $88 million, compared with $39 million during the same period last year.