Omega Flex, Inc. (symbol: OFLX) announced on June 10, 2022 a 6.7% dividend increase to $0.32 quarterly per share. The increased OFLX dividend is payable on July 5, 2022, to shareholders of record on June 24, 2022. The flexible metallic piping products maker raised its quarterly dividend by 7.1 percent to 30 cents per share in 2021. The new regular annual rate of $1.28 per share for OFLX yields 1.2% at a stock price of $110. The next ex-dividend date for OFLX will be June 23, 2022.
Kevin R. Hoben, the Company’s chairman stated that: “The sustained growth of Omega Flex, Inc. recommended an increase in the regular quarterly dividend. As the Company emerges from this challenging time for the country and the economy, this increase is the best indication of our belief in the Company’s ability to weather this storm.” In determining the amount of future regular quarterly dividends, the Board will review the cash needs of the Company, and based on results of operations, financial condition, capital expenditure plans, and consideration of possible acquisitions, as well as such other factors as the Board of Directors may consider relevant, determine on a quarterly basis the amount of a regular quarterly dividend.
OmegaFlex is a producer of flexible metallic piping products. The company supplies proprietary products for a broad number of applications and markets, which include primary steel production, semi-conductor, medical, pharmaceutical, petrochemical, residential and commercial construction, and power generation. OFLX distributes its TracPipe and TracPipe CounterStrike flexible gas piping and fittings under the AutoSnap and AutoFlare brand names. OmegaFlex was established in 1975 and has paid a regular quarterly dividend since 2017.