New Hope Corporation Ltd (ASX: NHC) shares are pushing higher on Tuesday. In afternoon trade, the coal miner's shares are up a sizeable 4% to $6.42.
Investors have been buying the company's shares after it released its FY 2023 results and revealed record profits and a big dividend.
Image source: Getty Images
New Hope dividends
As we covered here earlier, thanks to record high coal prices during the first half, which offset lower sales volumes from adverse weather impacts, New Hope posted a 6% increase in gross revenue to a record of $2,648.8 million.
In addition, thanks to stronger margins, the company's net profit after tax grew at a quicker rate of 10.6% to $1,087.4 million. This allowed the New Hope board to declare a fully franked final dividend of 21 cents per share.
But the returns don't stop there! With New Hope swimming in cash and having no debt on its balance sheet, the company elected to pay yet another special dividend.
A special final dividend of 9 cents per share was declared, which brought its total dividends for the second half to 30 cents per share.
Combined with its first-half dividends, this means a total of 70 cents per share is being paid out to shareholders in FY 2023.
When is payday?
Based on the current New Hope share price, its final dividends of 30 cents per share equate to a dividend yield of approximately 4.7%. That's a larger-than-average yield for just one-half!
If you want to receive this juicy payout, you will need to be a shareholder of the coal miner before the ex-dividend date of 23 October.
After which, eligible shareholders can look forward to being paid these dividends the following month on 7 November.
