Nairobi, March 28 -- Uganda's largest energy distributor Umeme Limited has raised its dividend for the year ended December by 18.6 percent to Sh2.23 per share at current exchange rates after growing its net profit by six percent to Sh5.162 billion.

The company, which is cross-listed on the Nairobi Securities Exchange, had paid a dividend equivalent to Sh1.88 the year before.

The new payout, which cements its position as the firm with the highest dividend yield on the NSE, is scheduled to be paid on or before July 20 to shareholders in its books as of June 27.

The growth in profitability for the electricity distributor is anchored largely on muted costs growth which served to offset a marginal growth in operating profit.

The firm's ope...