We’re officially in the final stretch of the dividend season. This is the time of year when Mongolian listed companies wrap up the big debate: how much of their 2025 net profits should go back to shareholders? Here’s the lowdown on how things are shaping up so far.

📌 The Numbers

According to the law, boards have a tight 50-day window after the financial year ends to make a call on dividends. This year, 54.66% (47 companies) got the green light to distribute a combined ₮946.54 billion. On the flip side, 39 companies (about 45%) have opted to hang onto their earnings, likely to reinvest in future growth.

📊 A Quick Look Back

The growth over the last few years has been pretty remarkable:

• 2021: 33 companies – ₮110.5 billion
• 2022: 38 companies – ₮150.8 billion
• 2023: 34 companies – ₮303.07 billion
• 2024: 47 companies – ₮535.09 billion
• 2025: 42 companies – ₮1,144.26 billion
• 2026: 47 companies – ₮946.54 billion

Who’s doing the heavy lifting? Unsurprisingly, it’s the banks. Just four major banks are responsible for ₮544.59 billion. That’s more than half of (57.54%) the entire market's payout. It’s also great to see the "new kids on the block" stepping up; five out of the eight recently listed companies have already started sharing profits, contributing over ₮52 billion to the total.

💹 Let’s Talk Yield

For those focused on the MSE’s Top-Tier (Category I), the consistency is impressive. Out of 25 top companies, 21 have paid out dividends steadily for the last three years, with an average annual yield of 6.8%. The standout performer this year? Mandal Insurance, boasting a massive 21.6% yield. Of course, it’s a mixed bag; a few other companies offered more modest yields below 1%.

The Big Picture… The takeaway here is that the Mongolian capital market is maturing right before our eyes. Much of this is thanks to the recent banking reforms, which have created a much healthier ecosystem for everyone. Even with the slight dip in total cash this year, the fact that more companies are choosing to reward their shareholders is a fantastic sign for the market’s long term health.