FinHisaab Blog
PSX dividends are quoted as a percentage of Rs. 10 face value, not the share price. See what 3500%, 800%, 600% and 450% actually mean in return terms.
Unilever Pakistan Foods credited an interim cash dividend of "Rs. 350 per share (3500%)" on September 17. Read on its own, that sounds like a 35-times return in a single payment. It is not, and the gap between the headline and the meaning is worth closing, because the same convention sits on almost every PSX dividend announcement.
PSX dividend percentages are quoted against a company's face value, not its market price. Face value (also called par value) is a fixed, nominal amount set when the share was issued. For the great majority of PSX-listed ordinary shares, including all four companies below, it is Rs. 10 per share, whatever the stock trades at today.
So a "3500%" dividend is 3500% of Rs. 10, which is Rs. 350 per share. You can verify this on any announcement: divide the rupee amount by the percentage and multiply by 100, and you get Rs. 10.
| Company | Credited | Amount | Percent of face value | Implied face value |
|---|---|---|---|---|
| Unilever Pakistan Foods (UPFL) | Sep 17, 2026 | Rs. 350.00 per share | 3500% | Rs. 10 |
| Hoechst Pakistan (HPL) | Sep 14, 2026 | Rs. 80.00 per share | 800% | Rs. 10 |
| Rafhan Maize Products (RMPL) | Sep 15, 2026 | Rs. 60.00 per share | 600% | Rs. 10 |
| Archroma Pakistan (ARPL) | Sep 28, 2026 | Rs. 45.00 per share | 450% | Rs. 10 |
These four are not isolated. At least 15 PSX-listed operating companies credited or declared interim or final cash dividends in the first three weeks of September 2026, ranging from Adamjee Life's 10% to Unilever Pakistan Foods' 3500%. The final week added more, including Mari Energies at 187% (Rs. 18.70 per share) and Arif Habib Limited at 125% (Rs. 12.50 per share).
The volume is no coincidence. Companies with a June fiscal year-end announce final dividends after their annual results, and companies with December or other year-ends announce interim dividends around now. That is why several large percentages appear in the news at once.
Replace the face value with the price you would actually pay today, and the picture changes.
| Company | Recent price | This dividend as % of price | Trailing 12-month dividend yield |
|---|---|---|---|
| UPFL | Rs. 25,499.00 | 1.37% | 5.35% |
| HPL | Rs. 3,969.00 | 2.02% | 6.80% |
| RMPL | Rs. 8,841.00 | 0.68% | 4.91% |
| ARPL | Rs. 389.70 | 11.55% | n/a |
Prices as of September 30 to October 1, 2026. They change daily.
The last two columns answer different questions. "This dividend as % of price" divides one payment by the current share price. The trailing 12-month yield adds up every cash dividend event over the past year and divides by price. UPFL's September payment alone is worth about 1.4% of its price, but its full trailing-year yield is 5.35% because it includes other payments earlier in the cycle.
Archroma shows how much the face value convention can mislead in both directions. Its 450% dividend sounds smaller than UPFL's 3500%, yet at about Rs. 390 per share, Rs. 45 is worth roughly 11.5% of the price. UPFL's far larger percentage translates to a much smaller share of its price, because its shares trade at Rs. 25,000 and above.
A bigger percentage does not mean a bigger return. The percentage tells you about face value. The return depends on what you pay for the share.
What does a 3500% dividend mean on the PSX? It means a cash dividend equal to 3500% of the share's face value. With a Rs. 10 face value, that is Rs. 350 per share. It is not a 3500% return on your investment.
Is a 100% dividend the same as doubling my money? No. A 100% dividend on a Rs. 10 face value share is Rs. 10 per share. Whether that is a large or small return depends on the share price you paid.
What is face value on the PSX? Face value is the nominal amount printed on a share when it is issued. Most PSX ordinary shares have a Rs. 10 face value. It is unrelated to the market price.
How do I compare dividends across stocks? Use dividend yield: the annual dividend per share divided by the current price. Percentages of face value cannot be compared across companies with very different prices.
Is dividend income taxed? Yes, dividends carry withholding tax in Pakistan, and the rate depends on your filer status and the type of company. Check current rates before calculating what you receive.
This article is for educational purposes only and is not investment advice. Figures describe past payments and do not predict future dividends.