Marine Products Corp (MPX) will raise its quarterly dividend by 20 percent to $0.12 per share in the first quarter of 2019. This marks the 7th consecutive year of annual dividend increases by boat maker.

The increased dividend is payable March 11, 2019 to common stockholders of record at the close of business on February 11, 2019. A new annualized dividend rate of 48 cents yields 2.3% at a stock price of $14.95.

Marine Products Corporation designs, manufactures and sells recreational fiberglass powerboats in the sportboat, sport fishing and jet boat markets. Its products include Chaparral sterndrive, outboard and jet pleasure boats and Robalo outboard sport fishing boats. The company sells its products to a network of domestic and international dealers. Marine Products was incorporated on August 31, 2000, in connection with a spin-off from RPC, Inc. The company restarted its dividend in 2012.