Profits up for Quebec’s largest natural gas distributor

Profits up for Quebec’s largest natural gas distributor

Valener to increase dividend starting in January, annual profit up from year ago.

MONTREAL — Valener Inc. (TSX:VNR) raised its quarterly dividend as it reported its annual profit was up from a year ago.

The publicly traded affiliate of natural gas distribution company Gaz Metro says it will start paying a quarterly dividend of 27 cents per share in January, up from 26 cents.

The increase came as it reported its profit attributable to common shareholders climbed to $42.8 million or $1.12 per share in its latest financial year, up from $36.7 million or 97 cents per share a year earlier.

On an adjusted basis, the company says it earned $45.3 million or $1.19 per share, up from $36.7 million or 97 cents per share.

The company attributed the increase to excellent performance of its wind farms and a rise in profits at Gaz Metro.

Valener holds a 24.5 per cent indirect interest in the Seigneurie de Beaupre wind power project and a 29 per cent stake in Gaz Metro Limited Partnership

Gaz Metro is the largest distributor of natural gas in Quebec. The company also owns gas and electricity distribution operations in Vermont.

The Canadian Press

Categories: Business, News

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