Dividend policy

DOWA regards the payment of dividends to shareholders as one of its top management priorities. The Company sets out a policy of increasing dividends as performance allows, while ensuring sufficient internal reserves for bolstering the corporate structure and expanding business in the future in line with the basic principle of maintaining stable dividends.During the Midterm Plan 2020 (FY2018 to FY2021), DOWA aims to increase the dividend commensurate with the level of profitability, while maintaining a stable annual dividend of 90 yen per share.

Dividends per share (yen) Payout ratio (%)
FY2019 (the year ended March 31, 2020:
the 117th period)
90.00※ 30.6
FY2018 (the year ended March 31, 2019:
the 116th period)
90.00※ 35.5
FY2017 (the year ended March 31, 2018:
the 115th period)
90.00※ 21.6
FY2016 (the year ended March 31, 2017:
the 114th period)
18.00 20.4
FY2015 (the year ended March 31, 2016:
the 113rd period)
18.00 24.4

※We consolidated common shares at the ratio of five shares to one share on October 1, 2017.