GAISANO-LED Metro Retail Stores Group Inc. (MRSGI) on Tuesday said that it would reward all eligible shareholders with cash dividends amounting to approximately P519.7 million on May 7.

The firm's board greenlit the declaration of regular cash dividends of 6 centavos per share, for a total of P194.9 million, and special cash dividends of 10 centavos per share, totaling P324.8 million, MRSGI told the stock exchange.

The dividends will be paid to stockholders on record as of April 22 out of the company's accumulated unrestricted retained earnings as of Dec. 31, 2023.

In the first nine months of last year, MRSGI posted a net income of P254.6 million, down 35.6 percent from the P400.7 million booked in 2022, mainly attributed to higher operating expenses. The firm has yet to disclose full-year 2023 earnings.

On Tuesday, the board also unanimously approved the company's audited financial statements as well as the amendment to its articles of incorporation and by-laws to include additional business names.

Earlier this year, MRSGI boosted its expansion in the Visayas region with the groundbreaking of Metro Supermarket in Dalaguete, Cebu.

Manuel Alberto, the company's president and chief operating officer, has said that the soon-to-rise store was expected to steer local economic growth as this would provide job opportunities for the community.

As of January 2024 data, the supermarket chain was operating 64 stores across Luzon and the Visayas, encompassing various store formats that include Metro Supermarket, Metro Department Store, Super Metro Hypermarket, and Metro Value Mart.

Metro Retail's shares on Tuesday rose by 17 centavos, or 13.08 percent, to P1.47 apiece. BRIX LELIS

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