Olympia Financial Group (TSX: OLY) is a Calgary, Canada-based company. The company conducts majority of its business through its wholly-owned subsidiary Olympia Trust Company, which is a non-deposit taking trust company. OLY operates through four different segments, which include Private Health Services Plan, Self-Directed Registered Plans, Foreign Exchange, and Automated teller machine division.
OLY, this week, had some bad news for its shareholders. The company announced on Tuesday that it is slashing its quarterly cash dividend to $0.50 per share from $0.65 per share. The dividend will be payable on April 29, 2016 to shareholders of record as of April 19, 2016. Despite the dividend cut, OLY is still offering a yield of more than 10%. This is one of the highest yields offered by a company in the financial sector. Year-to-date, OLY shares are down more than 8%.
OLY had reported an 11% increase in its total revenue to $40.86 million for the year ended December 31, 2015. The company’s revenue increased due to an increase in both service and interest revenue earned. Service revenue for the year rose 12%. The company’s earnings before income tax rose 3% to $6.18 million.
