Dividends are set in US Dollars and are normally paid annually. The Ocean Wilsons dividend policy is to pay a percentage of the average capital employed in the investment portfolio determined annually by the Board and the Company's full dividend received from Wilson Sons in the period after deducting funding for the parent company costs. The Board may review and amend the dividend policy from time to time in light of future plans and other factors.
The Board is recommending a dividend of US 70 cents per share to be paid on 4 June 2021 to shareholders of the Company as of the close of business on 14 May 2021. Shareholders will receive dividends in Sterling by reference to the exchange rate applicable to the USD on the dividend record date (14 May 2021) except for those shareholders who elect to receive dividends in USD. Based on the current share price and exchange rates a dividend of US 70 cents per share represents a dividend yield of approximately 6.1%.
Other financial highlights include:
●Profit after tax for the year of US$48.0 million which is US$13.0 million lower than the prior year (2019: US$61.0 million) principally due to the impact of foreign exchange losses and increased income tax.
●The investment portfolio (including cash under management) increased US$25.0 million to US$310.3 million (2019: US$285.3 million).
●Operating profit decreased 2.9% to US$66.9 million (2019: US$68.9 million) mainly due to foreign exchange losses of $7.6 million (2019: $0.1 million) driven by a weaker Brazilian Real ("BRL") against the US$ and there being no impairment charge in the current year (2019: US $13.0 million). Overall expenses were lower year over year. Raw materials costs were 23.8% lower reflecting lower shipyard activity and other operating expenses declined reflecting the reduction of operational activity as a result of Covid-19.
●Group revenue for the year was 13.1% lower at US$352.8 million (2019: US$406.1 million) principally due to the impact of the weaker BRL and lower revenues at the offshore bases due to the impact of Covid-19 on the oil industry.
●Net cash inflow from operating activities for the year was US$105.7 million (2019: US$106.3 million).
