Atlantic approves 1.25c dividend

The Board of Directors of Atlantic Insurance Ltd (ATL) approved the payment of a dividend of 1.25 cent per share. Based on the stock’s most recent closing price the dividend yield stands at 6.5% representing a dividend payout ratio of 41%. The Company’s AGM will be held on 25 May 2005.

The Board approved the final 2004 results registering an increase of 83% in net profits to CYP 1.13 mln, marginally lower than ATL’s preliminary figure of CYP 1.18 mln. The Company’s earnings per share reached 3.01 cent yielding a P/E ratio of 6.3 times.