Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to S$1.17, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Specialty Retail industry in Asia. Total returns to shareholders of 1,153% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$0.55 per share. Upcoming Dividend • Apr 30
Upcoming dividend of S$0.02 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Singaporean dividend payers (5.0%). Lower than average of industry peers (3.2%). Announcement • Apr 27
MoneyMax Financial Services Ltd. has completed a Follow-on Equity Offering in the amount of SGD 44.255 million. MoneyMax Financial Services Ltd. has completed a Follow-on Equity Offering in the amount of SGD 44.255 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,000,000
Price\Range: SGD 0.835
Discount Per Security: SGD 0.012525
Transaction Features: Subsequent Direct Listing Announcement • Apr 17
MoneyMax Financial Services Ltd. has filed a Follow-on Equity Offering in the amount of SGD 44.255 million. MoneyMax Financial Services Ltd. has filed a Follow-on Equity Offering in the amount of SGD 44.255 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 53,000,000
Price\Range: SGD 0.835
Discount Per Security: SGD 0.012525
Transaction Features: Subsequent Direct Listing Reported Earnings • Apr 17
Full year 2025 earnings released: EPS: S$0.081 (vs S$0.043 in FY 2024) Full year 2025 results: EPS: S$0.081 (up from S$0.043 in FY 2024). Revenue: S$541.9m (up 39% from FY 2024). Net income: S$71.7m (up 88% from FY 2024). Profit margin: 13% (up from 9.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 15
Dividend increased to S$0.02 Dividend of S$0.02 is 186% higher than last year. Ex-date: 7th May 2026 Payment date: 26th June 2026 Dividend yield will be 2.4%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (19% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 13
MoneyMax Financial Services Ltd., Annual General Meeting, Apr 28, 2026 MoneyMax Financial Services Ltd., Annual General Meeting, Apr 28, 2026, at 10:00 Singapore Standard Time. Location: 7 changi business park vista, 01-01, sookee hq, singapore 486042, Singapore New Risk • Mar 04
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (26% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Feb 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (26% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: S$0.081 (vs S$0.043 in FY 2024) Full year 2025 results: EPS: S$0.081 (up from S$0.043 in FY 2024). Revenue: S$542.0m (up 39% from FY 2024). Net income: S$71.7m (up 88% from FY 2024). Profit margin: 13% (up from 9.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 101% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 24
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. New Risk • Aug 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Announcement • Jun 30
Moneymax Financial Services Ltd. Change of Company Secretaries, Effective June 30, 2025 MoneyMax Financial Services Ltd. announce that Ms. Lee Yuan and Ms. Tan Swee Gek have been appointed as the Joint Company Secretaries of the Company with effect from 30 June 2025, in place of Mr. Goh Hoi Lai who has resigned as the Company Secretary of the Company with effect from 30 June 2025. Announcement • May 21
MoneyMax Financial Services Ltd. Approves Final One-Tier Tax Exempt Dividend for the Fiscal Year 2024 MoneyMAX Financial Services Ltd. announced that at its AGM held on 25 April 2025, the shareholders approved the declaration of a final one-tier tax exempt dividend of 1.4 Singapore cent per ordinary share for fiscal year 2024. Upcoming Dividend • May 02
Upcoming dividend of S$0.014 per share Eligible shareholders must have bought the stock before 09 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Singaporean dividend payers (6.0%). Lower than average of industry peers (5.8%). New Risk • Apr 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: S$0.086 (vs S$0.051 in FY 2023) Full year 2024 results: EPS: S$0.086 (up from S$0.051 in FY 2023). Revenue: S$391.9m (up 37% from FY 2023). Net income: S$38.2m (up 69% from FY 2023). Profit margin: 9.8% (up from 7.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 09
MoneyMax Financial Services Ltd., Annual General Meeting, Apr 25, 2025 MoneyMax Financial Services Ltd., Annual General Meeting, Apr 25, 2025, at 09:30 Singapore Standard Time. Location: 7 changi business park vista, 01-01, sookee hq, singapore 486042, Singapore New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Nov 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Singaporean stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (S$132.7m market cap, or US$99.1m). New Risk • Sep 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (S$130.5m market cap, or US$99.8m). Reported Earnings • Aug 17
First half 2024 earnings released: EPS: S$0.037 (vs S$0.022 in 1H 2023) First half 2024 results: EPS: S$0.037 (up from S$0.022 in 1H 2023). Revenue: S$185.9m (up 43% from 1H 2023). Net income: S$16.6m (up 71% from 1H 2023). Profit margin: 8.9% (up from 7.5% in 1H 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (S$112.8m market cap, or US$85.6m). Upcoming Dividend • May 07
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 14 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Singaporean dividend payers (6.2%). Lower than average of industry peers (4.7%). Reported Earnings • Apr 14
Full year 2023 earnings released: EPS: S$0.051 (vs S$0.05 in FY 2022) Full year 2023 results: EPS: S$0.051 (up from S$0.05 in FY 2022). Revenue: S$285.7m (up 13% from FY 2022). Net income: S$22.7m (up 2.8% from FY 2022). Profit margin: 7.9% (down from 8.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • Apr 10
Dividend of S$0.01 announced Shareholders will receive a dividend of S$0.01. Ex-date: 14th May 2024 Payment date: 24th May 2024 Dividend yield will be 4.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 09
MoneyMax Financial Services Ltd., Annual General Meeting, Apr 26, 2024 MoneyMax Financial Services Ltd., Annual General Meeting, Apr 26, 2024, at 10:00 Singapore Standard Time. Location: 7 Changi Business Park Vista, #01-01, SOOKEE HQ Singapore Singapore Agenda: To receive and adopt the directors' statement and the audited financial statements of the Company for the financial year ended 31 December 2023 ("FY2023") together with the auditor's report thereon; to declare a final one-tier tax exempt dividend of 1.0 Singapore cent per ordinary share for FY2023; to note the retirement of Mr. Khua Kian Kheng Ivan as a director of the Company ("Director"), who is retiring pursuant to Regulation 89 of the constitution of the Company ("Constitution") and will not be seeking for re-election as a Director; to note the retirement of Mr. Ng Cher Yan as a Director, who is retiring pursuant to Regulation 89 of the Constitution and will not be seeking for re-election as a Director; to approve the Directors' fees of S$205,427 for the financial year ending 31 December 2024, payable quarterly in arrears; and to consider and discuss other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: S$0.051 (vs S$0.05 in FY 2022) Full year 2023 results: EPS: S$0.051 (up from S$0.05 in FY 2022). Revenue: S$286.7m (up 13% from FY 2022). Net income: S$22.7m (up 2.8% from FY 2022). Profit margin: 7.9% (down from 8.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Feb 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (S$97.3m market cap, or US$72.3m). Reported Earnings • Aug 07
First half 2023 earnings released: EPS: S$0.022 (vs S$0.029 in 1H 2022) First half 2023 results: EPS: S$0.022 (down from S$0.029 in 1H 2022). Revenue: S$130.1m (down 4.6% from 1H 2022). Net income: S$9.72m (down 25% from 1H 2022). Profit margin: 7.5% (down from 9.5% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 09
Upcoming dividend of S$0.01 per share at 4.5% yield Eligible shareholders must have bought the stock before 16 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Singaporean dividend payers (6.5%). Higher than average of industry peers (3.5%). Reported Earnings • Apr 13
Full year 2022 earnings released: EPS: S$0.05 (vs S$0.045 in FY 2021) Full year 2022 results: EPS: S$0.05 (up from S$0.045 in FY 2021). Revenue: S$253.5m (up 27% from FY 2021). Net income: S$22.1m (up 11% from FY 2021). Profit margin: 8.7% (down from 9.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 24% per year. Reported Earnings • Feb 28
Full year 2022 earnings released: EPS: S$0.05 (vs S$0.045 in FY 2021) Full year 2022 results: EPS: S$0.05 (up from S$0.045 in FY 2021). Revenue: S$255.2m (up 28% from FY 2021). Net income: S$22.1m (up 11% from FY 2021). Profit margin: 8.6% (down from 9.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 23% per year. Board Change • Jan 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. Lead Independent Director Cher Yan Ng was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. Lead Independent Director Cher Yan Ng was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down S$8.55m from profit in 1H 2021). Profit margin: (down from 9.3% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Board Change • Jul 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. Lead Independent Director Cher Yan Ng was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. Lead Independent Director Cher Yan Ng was the last director to join the board, commencing their role in 2013. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 28
MoneyMax Financial Services Ltd. Approves Final One-Tier Tax Exempt Dividend for Fiscal Year Ended 31 December 2021, Payable on or About 25 May 2022 MoneyMax Financial Services Ltd. announced that at its AGM held on 27 April 2022, the shareholders approved final one-tier tax exempt dividend of 0.95 Singapore cents per ordinary share for fiscal year ended 31 December 2021. The proposed final dividend will be made on or about 25 May 2022. Transfer Books and Register of Members of the company will be closed on 18 May 2022 for the purpose of determining members' entitlements to the final dividend. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: S$0.053 (vs S$0.046 in FY 2020) Full year 2021 results: EPS: S$0.053. Revenue: S$199.2m (up 1.0% from FY 2020). Net income: S$19.8m (down 2.8% from FY 2020). Profit margin: 9.9% (in line with FY 2020). Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: S$0.053 (up from S$0.046 in FY 2020). Revenue: S$201.9m (up 2.4% from FY 2020). Net income: S$19.8m (down 2.8% from FY 2020). Profit margin: 9.8% (in line with FY 2020). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) surpassed estimates. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
MoneyMax Financial Services Ltd. Proposes Final (One-Tier) Tax Exempt Dividend for Fiscal Year 2021 MoneyMax Financial Services Ltd. proposed a final (one-tier) tax exempt dividend of 0.95 cents per ordinary share for fiscal year 2021. Subject to shareholders' approval at the AGM, the date the 2021 Final Dividend is payable is to be advised. Announcement • Feb 11
MoneyMax Financial Services Ltd. Appoints Lim Chun Seng as General Manager - MoneyMax Leasing and MoneyMax Malaysia The nominating committee of MoneyMax Financial Services Ltd. has reviewed Mr. Lim Chun Seng's professional qualifications and working experience and noted the achievements and good results he has shown since he joined the Company and its subsidiaries (the "Group") in 2018 and recommends his appointment as General Manager - MoneyMax Malaysia. This appointment will be in addition to Mr. Lim's current appointment as the General Manager of Moneymax Leasing. Mr. Lim will also be considered as an executive officer of the Group. The Board of Directors of the Company is satisfied that Mr. Lim has the requisite experience and capabilities and has approved the appointment of Mr. Lim as recommended by the NC. The Board also views Mr. Lim to be part of the succession planning of the Group. Job Title: General Manager - MoneyMax Leasing and MoneyMax Malaysia. Executive Departure • Jun 12
Head of Retail Operations, Pawnbroking & Retail Liang Soh Lim has left the company On the 1st of June, Liang Soh Lim's tenure as Head of Retail Operations, Pawnbroking & Retail ended after 10.7 years in the role. We don't have any record of a personal shareholding under Liang Soh's name. Liang Soh is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.67 years. Upcoming Dividend • May 07
Upcoming dividend of S$0.012 per share Eligible shareholders must have bought the stock before 14 May 2021. Payment date: 25 May 2021. Trailing yield: 4.5%. Lower than top quartile of Singaporean dividend payers (4.6%). Lower than average of industry peers (5.1%). Announcement • Apr 29
MoneyMax Financial Services Ltd. Approves Final (One-Tier) Tax Exempt Dividend for Fiscal 2020 MoneyMax Financial Services Ltd. announced that at its AGM held on April 27, 2021, approved the payment of a final (one-tier) tax exempt dividend of 1.18 SGD cents per ordinary share for fiscal year 2020. Reported Earnings • Apr 08
Full year 2020 earnings released: EPS S$0.058 (vs S$0.024 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: S$197.1m (up 8.2% from FY 2019). Net income: S$20.4m (up 140% from FY 2019). Profit margin: 10% (up from 4.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: S$200.0m (up 9.7% from FY 2019). Net income: S$20.3m (up 139% from FY 2019). Profit margin: 10% (up from 4.7% in FY 2019). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Feb 26
New 90-day high: S$0.22 The company is up 29% from its price of S$0.17 on 27 November 2020. The Singaporean market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 8.0% over the same period. Announcement • Aug 15
MoneyMax Financial Services Ltd. Declares No Dividend for the First Half of 2020 MoneyMax Financial Services Ltd. declared no dividend for the first half of 2020 compared to 0.50 cent per share paid a year ago. 
