MONTREAL, J - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of restaurants worldwide, announces its quarterly dividend payment will increase from 21.0¢ per share to 25.0¢ per share, a growth of 19%. The 25.0¢ dividend will be payable on February 15, 2023 to shareholders registered in the Company's records at the end of the business day on February 3, 2023.
"Given the continued strength of our results, as evidenced by our record breaking third quarter normalized adjusted EBITDA(1) and resulting strong cash flows, we are extremely excited to announce an increase to our quarterly dividend. The 19% increase shows the strength of the MTY brand portfolio and the rebound the Company has made since the onset of the pandemic. We are also re-energized by the recent acquisitions of BBQ Holdings and Wetzel's Pretzels, which will add additional available funds. Our free cash flow(1) generation abilities are robust and we are very confident in the future of MTY. The 19% increase represents the tenth increase since our first dividend of 4.5¢ per quarter was declared in November 2010 and our continued commitment to return value to our shareholders. In terms of capital allocation, MTY's priority remains to continue to seek strategic acquisitions as the market conditions improve to make such investments and to continue to invest in our current brand network," says Eric Lefebvre, Chief Executive Officer of MTY.
Source : Newswire.ca