Brief: CTT FY Net Profit Up At 60.5 Mln Euros YoY

CTT - Correios de Portugal SA

19/03/2024 18:05

March 19 (Reuters) - CTT Correios de Portugal SA
 CTT.LS :
    * FY EBITDA 151.9 MILLION EUROS VERSUS 129.3 MILLION EUROS
YEAR
AGO
    * FY FINANCIAL SERVICES AND RETAIL REVENUE 62.8 MILLION
EUROS
VERSUS 60.7 MILLION EUROS YEAR AGO
    * FY NET PROFIT 60.5 MILLION EUROS VERSUS 36.4 MILLION EUROS
YEAR
AGO
    * IN 2024, IS TO CONTINUE TO GROW WITH CONSOLIDATED REVENUES
INCREASING BY MID-SINGLE DIGIT
    * FY ADDRESSED MAIL VOLUME AT 421.1 MILLION ITEMS, DOWN 8.0%
VERSUS YEAR AGO
    * SEES 2024 EBIT TO BE ABOVE €88M
    * EBIT GROWTH WILL BE MORE GEARED TOWARDS 2H24 BECAUSE OF
ABNORMALLY STRONG PERFORMANCE OF FINANCIAL SERVICES IN 1H23
    * INTENTION OF BOARD TO PROPOSE TO 2024 AGM PAYMENT OF A
DIVIDEND
OF 17 CENTS OF EURO PER SHARE, THIS PROPOSAL REPRESENTS A
DIVIDEND YIELD OF 4.9% AND A PAYOUT RATIO OF 35%
    * TO FOCUS ON MINIMISING IMPACT OF RELEVANT AND PERSISTENT
MACRO
AND INDUSTRY RISKS, AS WELL AS OF THOSE SEVERE RISKS THAT ARE
AFFECTING FUNCTIONING OF LOGISTICS CHAINS, NAMELY IN RED SEA
    * BOARD TO PROPOSE CANCELLATION OF UP TO 7.7 MILLION
REPRESENTATIVE SHARES OF UP TO 5.3 % OF SHARE CAPITAL ALREADY
ACQUIRED OR TO BE ACQUIRED UNDER SHARE BUYBACK PROGRAMME, AS
WELL AS RELATED RESERVES

Source text: https://tinyurl.com/269zn3py
Further company coverage:  CTT.LS 

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