The Pilbara Minerals Ltd (ASX: PLS) share price is up 4.8% in afternoon trade on Friday. Shares are currently swapping hands for $4.69 apiece.
This comes following a 5.1% gain yesterday for the S&P/ASX 200 Index (ASX: XJO) lithium stock.
Investors are bidding up the Pilbara Mineral share price following some very strong half-year results, released after market close yesterday.
Hereâs whatâs drawing investor interest.
What did the ASX 200 lithium stock report?
Pilbara Minerals reported growth across all the major financial metrics.
The minerâs spodumene concentrate production increased 83% from the first half of the 2022 financial year. This helped drive a 305% increase in revenue, which reached $2.2 billion.
Statutory net profit after tax (NPAT) leapt 989% from the prior corresponding half-year to $1.2 billion. The profit for the companyâs half-year represents earnings per share (EPS) of 41.59 cents.
And the company strengthened its balance sheet to the tune of $1.6 billion, reporting a 31 December cash position of $2.2 billion.
âThe stage is set for Pilbara Minerals to take massive growth steps in the months and years ahead. This is just the beginning,â a clearly pleased CEO, Dale Henderson said.
On the back of these strong results, and offering tailwinds to the Pilbara Minerals share price today, the board also declared its first-ever dividend of 11 cents per share, fully franked.
Pilbara Minerals shares trade ex-dividend on 2 March. If you own shares before then, you can expect payment on 24 March. At the current share price, the maiden dividend gives the company a trailing yield of 2.4%.
Mineral Resources Ltd (ASX: MIN) is the only ASX 200 lithium stock that pays a higher trailing yield, currently at 2.6%.
Pilbara Minerals share price snapshot
With todayâs intraday gains factored in the Pilbara Minerals share price â pictured below â is up 79% over the past 12 months.
The post Pilbara Minerals share price charging higher on maiden dividend appeared first on The Motley Fool Australia.
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More reading
- Why Accent, Brambles, Infomedia, and Pilbara Minerals shares are pushing higher
- Which ASX 200 lithium share takes the crown for dividend yield right now?
- Everything you need to know about the inaugural Pilbara Minerals dividend
- Pilbara Minerals share price on watch amid 989% profit surge
- 5 things to watch on the ASX 200 on Friday
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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