The dividend will edge up to 16 Canadian cents per share from 15 Canadian cents, payable on Sept. 15.
For its fiscal first quarter, net income rose 13 percent to C$200.3 million ($159.81 million), or 51 Canadian cents a share, from C$176.7 million, or 44 Canadian cents, a year earlier.
Revenue during the quarter, which ended June 30, rose 9.9 percent to C$2.9 billion.
Analysts were expecting Saputo to earn 52 Canadian cents per share on revenue of C$3 billion, according to Thomson Reuters I/B/E/S.
Saputo's shares rose 2.3 percent to C$43.25 in Toronto.
The Montreal-based company, whose brands include Dairyland milk and Armstrong cheese, is also among the biggest cheese producers in the United States.
(Reporting by Rod Nickel in Winnipeg, Manitoba, editing by G Crosse)