Should you buy Caltex Australia Limited for their dividend ?

Caltex Australia Limited (ASX: CTX) reported a net profit after tax of $375 million during the first half of 2015, which is an increase of 130% on a year over year basis, as the group derived over $29 million after tax with the sale of its surplus property in Western Australia. Lytton refinery’s EBIT surged by $114 million to $154 million during the period. Moreover, the company also witnessed crude and product inventory gains of $95 million after tax as compared to the crude and product inventory losses of $10 million after tax in the corresponding period of last year. Caltex Australia doubled its EBIT to $551 million in 1H15, against $275 million in the prior corresponding period. The group’s earnings per share improved to 139 cents during the period from 60 cents per share in 1H14. Management reported a fully franked interim dividend of 47 cents per share, which is on track with its dividend pay-out ratio range projection of 40% to 60%.

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