The New Hope Corporation Limited (ASX: NHC) share price has continued to zoom upwards since announcing its half year results in late March.
The coal miner delivered triple digit earnings growth whilst bumping up its interim dividend for shareholders.
At the time of writing, New Hope shares are swapping hands for $3.79, up 2.16%. This means they have gained around 29% from 22 March when the company released its financial scorecard to the ASX.
What are the details of the New Hope dividend?
In the half year report for the 2022 financial year, New Hope reported strong performance across key metrics.
In summary, total revenue surged by 153% to $1,025 million in H1 FY22. This was notably driven by disciplined cost controls and the significant increase in realised coal prices during the six months.
On the bottom line, New Hope achieved a net profit after tax (NPAT) of $330.4 million. A stark contrast from when the company recorded a loss of $55.4 million in the prior year.
Subsequently, the board opted to ramp up its fully franked interim dividend of 30 cents per share. While this includes a special dividend of 13 cents per share, this represents an increase of a mammoth 325% on H1 FY21's dividend.
It appears that the special dividend is a direct result of New Hope benefiting from record coal prices in 2021.
When can New Hope shareholders expect payment?
New Hope will pay the interim dividend to eligible shareholders next month on 4 May.
To be eligible for the latest dividend, you'll need to own New Hope shares before the ex-dividend date on 14 April. This means if you want to secure the dividend, you'll need to purchase New Hope shares no later than today.
It's worth noting though that historically when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors tend to sell off the company's shares after securing the dividend.
In case you are wondering, the company is not offering a dividend reinvestment plan (DRP) to shareholders.
New Hope share price snapshot
Since the beginning of 2022, the New Hope share price has travelled 70% higher.
When looking at the last 12 months, its shares have further accelerated, up around 185%.
New Hope shares touched a multi-year high of $4.06 on Monday off the back of rising coal prices.
Based on valuation grounds, New Hope commands a market capitalisation of roughly $3.15 billion.
