MONTREAL — MTY Food Group Inc. has increased its quarterly dividend payment by 14 per cent, from 18.5 cents per share to 21 cents per share. The dividend will be payable on Feb. 15, 2022 to company shareholders.
“We’re extremely excited to announce an increase to our quarterly dividend. This will be our first increase since the onset of the COVID-19 pandemic. The resilience shown by our many brands and our customers’ continued support over the course of the past two years have been anything but astonishing. Our free cash-flow generation abilities are robust and we’re very confident in the future of MTY despite the challenges COVID-19 restrictions still pose to our industry. The pandemic has allowed MTY to explore new paths for strategic growth more aggressively, including the continued expansion in online ordering platforms and digital marketing and the increased focus on capturing market share with our retail segment. The 14-per-cent increase represents the ninth increase since our first dividend of 4.5 cents per quarter was declared in November 2010,” says Eric Lefebvre, CEO of MTY Food Group Inc. “In terms of capital allocation, MTY’s priority remains to continue to seek strategic acquisitions as the market conditions improve to make such investments. We’ll also continue to invest in our current brand network and our share buyback under our existing NCIB. We hope to restore the great momentum in the growth of the company in the months and years to come as our industry re-opens and markets find some form of normalcy.”