Glanbia Co-op shareholders could be set to receive 39c per share in 2018, pending approval at next week’s AGM.

Glanbia Co-op saw its dividend income rise 6% last year to €14.4m after Glanbia plc increased its dividend payout for 2017 to 22c per share.

In light of stronger dairy markets last year, the co-op did not make any milk support payments, though it did pay a support of €14/t to members for grain.

ADVERTISEMENT

When combined with bonus payments on feed and fertiliser, total supports to co-op members were €5.7m last year.

Once administration costs, fees and expenses of €4.1m are taken out (up €500,000 on 2016), the co-op made an operating profit of €10.3m.

The co-op paid a dividend to all members of 10c per share, amounting to €3.9m last year.

At the upcoming AGM on Wednesday 30 May, Glanbia co-op is looking to increase its dividend to 13c per share.

The co-op is also set to pay a €10m special dividend to members based on the Dairy Ireland transaction last year. This will see co-op dividend payments in 2018 amount to around 39c per share assuming all resolutions are passed.

The co-op is also seeking shareholders’ approval to create a new support fund of €20m from existing resources.