Dividend Yield.....

NZ Refining Dividend History.



Please note that the bar chart below utilizes only the declared dividend and any Special dividend.  It DOES NOT include

imputation credits (for NZ residents) and /or supplementary dividends (which are for non residents).  Information on

Imputation credits and Supplementary dividends may be either found further down this page or on the NZX website.

Dividend Information

Dividend Policy

  • The declaration and amount of any dividend is at the sole discretion of the Directors at that time and is dependent on many factors including
    • debt levels relative to Refining NZ`s targeted 10-20% gearing (D/(D+E)) ratio,
    • Download Annual Reports


      2016 Interim Report
      PDF file, 1116KBMB
      2015 Annual Report
      PDF file, 7441MB                   profitability, cash flow requirements, financial conditions and teax imputation credits.
  • The aspiration is to pay top quartile NZX50 dividend returns over the investment cycle, specifically:
    • During periods leading up to and including major capital expenditure the dividend pay-out expressed as a percentage of NPAT will be in the 40-60% range unless otherwise advised by the Directors.
    • During periods of modest capital expenditure and optimum debt levels, the dividend pay-out percentage will be above 60% unless otherwise advised by the Directors.


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Website last modified: 21/04/19