Economy & Market

WindForce declares Rs. 1.35 bn dividend for FY 23/24

Renewable energy player WindForce PLC announced it will be paying out a dividend of Rs. 1 per share, amounting to a total dividend payout of Rs. 1.35 billion. With this recent dividend announcement, the total dividends declared by WindForce since its IPO now exceed Rs. 3.1 billion. Shareholders will receive a 6.3 percent return on their investment based on the IPO subscription price, reaffirming WindForce’s commitment to delivering value to its investors.The announcement comes amidst impressive financial performance by WindForce in the first nine months of the fiscal year 2023/2024. The company reported consolidated revenue of Rs. 4.6 billion, marking 16 percent Year-on-Year (YoY) growth. WindForce recorded a pre-tax profit of Rs. 1.9 billion during this period.

In a statement to the media, WindForce said it has recovered long outstanding arrears from the Ceylon Electricity Board (CEB). Therefore, the dividend declared by WindForce is paid out of the dividend income received from its project companies, resulting in the exemption of this dividend from income tax for shareholders. This exemption further enhances the attractiveness of WindForce’s dividend payout to investors.“WindForce’s dividend declaration comes at a time when the company is actively investing in its largest solar power project to-date, the Siyambalanduwa 100 MW project. This ambitious project underscores WindForce’s commitment to expanding its renewable energy portfolio and contributing to Sri Lanka’s sustainable development goals,” the entity said.

( Source : Daily Mirror)