Pierides lifts dividend, profits double

Pierides Electrical (PGE) announced that it will pay a dividend of 1 cent per share for 2004, more than double the 0.45 cent paid for 2003, on the back of a sharp improvement in results as profits doubled.

The dividend yield, based on the current price of 10 cent amount to a juicy 11%, more than double the yield on bank deposits and 2-5 year bonds.

Total turnover for 2004 recorded a satisfactory increase of 23.44% to CYP 5.84 mln from CYP 4.7 mln in 2003, with gross profits surging to CYP 2.04 mln from CYP 1.53 mln a year ago.

Included in the turnover is sales pertaining to Jolatex, which was sold during the year to Orphanides Public Co. Ltd. but the main increase was due to higher sales originating from P.K. Evrodinamiki Ltd.

Operating profits improved to CYP 773.686 from CYP 469.874 in 2003 and in part were helped by proceeds of CYP 220.173 from the sale of Jolatex.

With finance costs basically flat at CYP 246.383, pretax profits jumped to CYP 527.303 while net after tax profits surged by 83% to CYP 419.339 in 2004 from CYP 228.950 in 2003. Earnings per share were 0.20 cent per share.