Property developer Oxley Holdings said it would pay dividends of at least 25 percent of the group's consolidated profit after tax for fiscal 2018 and 2019.
The board adopted the current dividend policy after considering "the current favourable market conditions and the group's financial prospects," the company said in a statement on Wednesday.
The Board believes that this policy is in line with good corporate governance practices and is in the best interest of the shareholders of the Company, it said.
The dividends will be paid on a half-yearly basis, subject to the approval of the Board or the shareholders of the company, as required.
In a separate statement, Oxley Holdings posted a near sevenfold jump in net profit for the first quarter to S$48.7 million, on the back of a 146 percent increase in revenue to S$310.6 million.
As at 30 September 2017, the Group had total unbilled contract value of S$2.30 billion, of which approximately S$0.30 billion was attributable to the projects in Singapore and about S$2.00 billion was attributable to overseas projects.
"Having amassed a considerable land bank in Singapore, we are also progressing well in the preparation for the launch of these projects around mid-2018. Among our investment property assets, Novotel Singapore on Stevens has commenced operations and Mercure Singapore on Stevens will start operation soon," Oxley's Executive Chairman and CEO Ching Chiat Kwong said in a statement.
Shares in Oxley Holdings rose 1.7 percent to S$0.73 on the Singapore Exchange. The stock has gained 71 percent so far this year.
