Barranquilla based architectural glass and aluminum manufacturer Tecnoglass, Inc. (NASDAQ: TGLS) today announced that its Board of Directors has declared a 136% increase in the quarterly cash dividend on its common stock, to $0.065 USD per share from $0.0275 per share. At the new rate, the dividend on an annualized basis will be $0.26 per share compared to the previous rate of $0.11 per share. The company’s next quarterly cash dividend of $0.065 per share will be payable on January 31, 2022 to shareholders of record at the close of business on December 31, 2021.
Increased Return to Shareholders Highlights 2021 Record Free Cashflow Year to Date and Strong Balance Sheet Position
“The Board’s confidence in Tecnoglass’ growth strategy and significant free cash flow generation supports this substantial increase in our quarterly dividend. Our current growth capex phase is largely completed, and our record backlog provides us with ample visibility into the future while strong market conditions have continued into the end of the year. We remain committed to a balanced approach to capital allocation, which includes investments in our operations to drive future growth and returning cash to shareholders,” said Santiago Giraldo, the Chief Financial Officer of Tecnoglass.
Tecnoglass is the second largest glass fabricator serving the US and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the company’s 2.7 million square foot, vertically-integrated manufacturing complex provides efficient access to over 1,000 global customers, with the US accounting for more than 90% of revenues. Tecnoglass’ tailored, high-end products are found many high profile properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla), and others.