Pine Group pays $6 million in dividends to landowners

Pine Group pays $6 million in dividends to landowners

By Vijay Narayan
Friday 19/11/2021

Pine Group says despite the enormous challenges brought about by COVID-19, they have paid a total of $6 million in dividends to landowners this year which was done in 3 instalments.

The first payment of $2 million was done in April , the second payment of $2 million done in August and the final payment of $2 million was made this week.

Pine Group says 2020 and 2021 has been among the most challenging years of the pine industry due to the impact of the COVID-19 pandemic.

They also paid $5 million in 2020.

Since the inception of dividend payments in 2014, Pine Group has paid a total of $30.25 million in dividends.

The compnay says this is over and above other benefits that the landowners derive from the industry which includes lease premium, lease rental, stumpage, the Landowner Community Development Fund and employment and contractual engagements in operations.

It says the forecast going into next year looks strong with the many strategic measures put in place.

Pine Group also says Government’s direction, foresight and support have been critical in achieving this result. It says the hard-working employees are one of the pillars of their strength.

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