These ASX dividend shares keep giving investors a payrise

There are a handful of ASX dividend shares that have a record of giving shareholders an income payrise for many years in a row.

It has been difficult to find consistent growth of income in recent years because of slow growth and low inflation.

But these two ASX dividend shares have kept increasing the dividend payout:

Sonic Healthcare Ltd (ASX: SHL)

Sonic is one of the largest pathology healthcare businesses in the world.

It has operations in Australia, Europe and North America.

Over the last 20 years, Sonic has increased its dividend in nearly every year. In the latest result (the FY21 half-year result) the Sonic board decided to increase the interim dividend by another 6%.

Healthcare spending has been increasing for a long period of time thanks to an ageing population, better technology and a stronger focus on health outcomes.

Sonic has been one of the most important businesses involved in the fight against COVID-19 as it has been conducting millions of COVID-19 tests.

Whilst COVID-19 is moderately impacting Sonic’s core business, the testing is more than making up for it. This can be seen in the HY21 result where revenue rose 33% and net profit jumped 166%. Sonic has been able to utilise existing infrastructure. 

The ASX dividend share is looking to invest some of its elevated profit cash into acquisitions and other opportunities.

At the current Sonic share price, it has a partially franked dividend yield of 2.5%.

Brickworks Limited (ASX: BKW)

Brickworks is another ASX dividend share that has been growing its dividend for several years.

But its dividend has been one of the most reliable on the ASX. It hasn’t cut its dividend for over four decades, largely thanks to the growing dividend from its substantial holding of Washington H Soul Pattinson and Co Ltd (ASX: SOL) shares, an investment conglomerate.

Soul Patts gives Brickworks a lot of underlying diversification with its investments in telecommunications, property, resources, agriculture and so on.

This cross-holding relationship has served them both well for a number of decades.

Brickworks also funds its dividend from its partnership with Goodman Group (ASX: GMG) where they jointly own an industrial property trust that builds quality buildings on excess Brickworks land.

The latest projects are two huge warehouses for Amazon and Coles Group Ltd (ASX: COL). The completion of these facilities is expected to significantly increase the rental profit as well the capital value of the trust.

There’s even more land that the ASX dividend share has available for building on over the coming years. This will fund higher dividends for years to come.

At the current Brickworks share price, it has a fully franked dividend yield of 2.8%. That’s after a 5% increase to the interim dividend in the HY21 result.

More reading

• Why these 5 ASX construction shares went strong today
• ASX healthcare shares could be next to be hit by the digital disruption
• ASX stock of the day: Brickworks (ASX:BKW) shares top the ASX 200
• Morgans just added these ASX shares to its “best ideas” buy list
• 2 ASX dividend shares to buy in May 2021

Motley Fool contributor Tristan Harrison owns shares of Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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