Argan, Inc. (NYSE:AGX) ("Argan" or the "Company") today announces that its Board of Directors (the "Board") approved an increase to the Company's existing share repurchase program from $125 million to $150 million and declared a regular quarterly cash dividend in the amount of $0.375 per common share, payable on April 30, 2025 to stockholders of record at the close of business on April 22, 2025.
"Expanding our share repurchase program reflects the Board's confidence in Argan's ability to drive long-term growth and reinforces our commitment to delivering long-term value to shareholders," said David Watson, President and Chief Executive Officer of Argan. "We're also pleased to announce a regular quarterly cash dividend of $0.375 per common share.
"Earlier this week we announced that our subsidiary Gemma Power Systems received a notice to proceed on its previously announced engineering, procurement and construction services contract with Sandow Lakes Energy Company, LLC for a 1.2 GW ultra-efficient natural gas-fired power plant that is expected to begin this summer. We are energized by our record backlog and the strong pipeline of opportunities we are seeing now and in future years. We believe our well-recognized capabilities and track record of success leave us well-positioned as our industry gears up to build the high-quality energy assets needed to address the growing demand for reliable 24/7 power."