Paper and pulp manufacturer Sappi on Thursday declared a dividend of $0.11 for the year ended September 30, its first since 2008, when it stopped paying dividends as it grappled with losses caused by the economic crisis in Europe and falling demand for paper, as well as crippling debt. However, its improved cash generation, which increased from $145-million in the 2015 financial year to $359-million for the year under review, has resulted in the group achieving the targeted leverage of less than two times net debt to its earnings before interest, taxes, depreciation and amortisation, which amounted to $739-million – earlier than expected.
Source: www.engineeringnews.co.za
Sappi declares first dividend in eight years
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