Kenmare is committed to making compelling shareholder returns as part of our strategic priority to allocate capital efficiently. Since announcing our original dividend policy in late 2018, Kenmare has paid nine consecutive dividends. The Company has also completed share buy-backs in 2021 ($82 million) and 2023 ($30 million).

Dividend policy

In April 2023, Kenmare’s dividend policy evolved to a targeted payout ratio of 20-40% of profit after tax, from 20% originally. This revised dividend policy is based on a multi-year view of the Company’s performance and funding, while maintaining conservative gearing. The revised dividend policy is subject to (i) any exceptional or single year impact; (ii) market conditions, balance sheet position and capital requirements; and (iii) higher cash balances likely to be maintained until capital development projects completed.

Dividend history

* On 19 March 2024, the Board proposed a final dividend of USc38.54 per share. This proposed dividend is subject to approval by the shareholders at the Annual General Meeting on 10 May 2024.

Dividend timetable

Dividend Withholding Tax

Kenmare is obliged to deduct Irish Dividend Withholding Tax (DWT) at a rate of 25% from all dividends, unless a shareholder is eligible for an exemption and has provided the appropriate forms claiming that exemption to the Company’s Registrars by the record date for the dividend.

Many shareholders who are not resident in Ireland, along with certain Irish companies, trusts, pension schemes, investment undertakings and charities, may be entitled to claim exemption from DWT. DWT will always be deducted from dividends paid to Irish resident individuals. For further information please visit: https://www.revenue.ie/en/companies-and-charities/dividend-withholding-tax/index.aspx.

Here is the direct link to the Dividend Withholding Tax Exemption Form.

If DWT was deducted from a dividend, despite the shareholder being eligible to claim an exemption because the completed forms were not with the Registrar by the dividend record date, refunds of the tax can be sought from the Revenue Commissioners by completing this form.

Neither the Company nor its Registrars can give tax advice. If a shareholder is in any doubt about their tax position they should consult their own tax adviser.