A Cameco employee at the Cigar Lake uranium mine in Saskatchewan, on Sept. 23, 2015.Liam Richards/The Canadian Press
Cameco Corp. CCO-T increased its annual dividend as it reported a third-quarter profit attributable to equity holders of $7-million, down from $148-million a year ago.
The uranium miner says it will now pay an annual dividend of 16 cents per share, up from 12 cents per share.
Cameco chief executive Tim Gitzel also said the company has recommended to its board that it continue to grow the dividend to at least 24 cents per share over the fiscal periods 2024 through 2026, subject to annual consideration.
The increased payment to shareholders came as Cameo said its third-quarter profit amounted to two cents per diluted share compared with a profit of 34 cents per diluted share a year ago.
Revenue for the quarter totalled $721-million, up from $575-million in the same quarter last year.
On an adjusted basis, Cameco says it lost a penny per diluted share in its latest quarter compared with an adjusted profit of 32 cents per share a year earlier.