SASKATOON

PotashCorp raises quarterly dividend 9 per cent

The Canadian Press Published Wednesday, January 28, 2015 6:32PM CST

Jochen Tilk, who took over as the PotashCorp President and Chief Executive Officer on July 1, 2014, speaks to shareholders during the PotashCorp Annual General meeting in Saskatoon Thursday, May 15, 2014. THE CANADIAN PRESS/Liam Richards

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Potash Corporation of Saskatchewan Inc. announced a nine per cent increase in its quarterly dividend Wednesday, a day before the fertilizer giant releases its fourth-quarter and year-end results.

Saskatoon-based PotashCorp (TSX:POT) said the dividend, announced after markets closed, will rise three cents to 38 cents US per share, payable May 4 to shareholders of record on April 13.

"With our potash expansion program nearing completion, our board and management team continue to review our future cash flow potential and the best opportunities to provide superior returns to our shareholders," president and CEO Jochen Tilk said in a release announcing the increase.

"This increase reflects the confidence we have in our business model and the belief that dividends will continue as an important element of our capital allocation strategy."