Algoma Central Boosts Dividends Following Earnings Growth

The board declared a special dividend of 1 Canadian dollar per share, set for distribution on October 21 to shareholders of record by October 15. Simultaneously, the regular quarterly dividend climbs by 0.10 Canadian dollars to 0.31 Canadian dollars per share, payable December 1 to those on the registry by November 17.

President and Chief Executive Gregg Ruhl attributed the increased capital returns to the company's robust business outlook. This financial momentum follows a period of expansion for the fleet, which manages dry and liquid bulk carriers across the Great Lakes-St. Lawrence region and international waters. Revenue for the three months ending June 30 reached 258.3 million Canadian dollars, a 22% increase compared to the same period last year. Net earnings per share rose to 0.88 Canadian dollars from 0.81 Canadian dollars a year ago.