MTY Food Group hikes dividend amid post-pandemic restaurant rebound, new acquisitions

MONTREAL — MTY Food Group Inc. has raised its quarterly dividend as the operator and franchisor of restaurants like Cold Stone Creamery, Manchu Wok and Thai Express continues its post-pandemic rebound.

The company said Wednesday its quarterly dividend will increase 19 per cent to 25 cents per share from 21 cents.

MTY CEO Eric Lefebvre said the increased payment to shareholders comes amid the continued strength of the company's results.

"We are extremely excited to announce an increase to our quarterly dividend," he said in a statement. "The 19 per cent increase shows the strength of the MTY brand portfolio and the rebound the company has made since the onset of the pandemic."

The company is also "re-energized" by recent acquisitions, including BBQ Holdings and Wetzel's Pretzels, Lefebvre said.

"We are very confident in the future of MTY," he said. "MTY's priority remains to continue to seek strategic acquisitions as the market conditions improve to make such investments and to continue to invest in our current brand network."

MTY franchises and operates restaurants under about 90 different banners in Canada, the United States and internationally.

Its brands also include Jugo Juice, Pinkberry, Tiki Ming and Baton Rouge Steakhouse and Bar.

This report by The Canadian Press was first published Jan. 18, 2023.

Companies in this story: (TSX:MTY)

The Canadian Press