Inter Pipeline Ltd (IPL.TO) announced today that its board of directors has approved a 14% increase to its monthly cash dividend from $0.1075 to $0.1225 per share. The new dividend will be payable starting December 15th, 2014 to shareholders on record as of November 21, 2014. Inter Pipeline President and CEO Christian Bayle commented “This dividend increase is the largest in Inter Pipeline’s history adn clear evidence that our business has never been stronger. So far this year, Inter Pipeline has commissioned $.12 billion of new pipeline assets, with a further $1.8 billion targeted to enter full commercial service in early 2015.”
The new dividend amount results in an increase of $0.18 per share annually from $1.29 to $1.47. My portfolio consists of 120 shares of IPL.TO and increases my annual dividend from $154.80 to $176.40, an increase of $21.60 annually.