PotashCorp increases quarterly dividend by 25 per cent to 35 cents

SASKATOON – Potash Corporation of Saskatchewan Inc. (TSX:POT) increased its quarterly dividend Wednesday by 25 per cent.

The company said it will pay a dividend of 35 cents to shareholders on Aug. 2 to shareholders of record on July 12.

That dividend is up from its previous rate of 28 cents per share.

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“The confidence we have in our ability to generate strong cash flow in the years ahead has enabled us to strengthen our dividend for the fifth time since 2011,” said PotashCorp president and chief executive Bill Doyle.

Last month, PotashCorp reported a first-quarter profit of $556 million or 63 cents per diluted share, up from $491 million and 56 cents per diluted share earned in the same period of 2012.

Sales totalled $2.1 billion, up from $1.74 billion a year ago.

The company said the improved results were partly fuelled by improved global potash demand.