Corticeira Amorim increases profits, proposes dividends at €0.185 per share

  • ECO News
  • 26 February 2019

The cork company, led by António Rios de Amorim, ended the year with profits up to €77.4M. It is planning to distribute dividends worth 18.5 cents per share.

Corticeira Amorim’s profits increased, to a net result of €77.4 million, an increase of 6% in comparison to the previous year, in a year which was marked by a two-digit growth in revenue. The company will  now propose the board of directors a dividend of €0.185 per share, at the Shareholders General Meeting.

The company revealed to CMVM, the Portuguese Markets Commission, that the “net profits accounted for a 6% increase, from €73M in 2017 to €77.4M in 2018”.

As for EBITDA, it was slightly superior to the previous year, at €134M, the company also showed in their financial report.

The EBITDA/Sales ratio decreased to 17.6%, a result of last year’s “higher cork prices and weak USD, partially offset by higher activity, price increases, strict cost control, together with efficiency and yield gains”.

Sales reached €763.1 million, which represents an 8.8% increase in comparison to the same period of last year. Also, “excluding changes in the consolidation perimeter and the dollar devaluations, sales would have increased by 4.6%”, the company’s note showed. Also, all units of the business chain recorded a growth in sales, excluding the floor and wall coverings, which fell by -7.7%.

Given the company’s results, it has proposed to distribute dividends in a gross value of 18.5 cents per share, which means it will distribute exactly the same value to investors as it did last year. The proposal will be presented to the board of directors on April 12, this year. The main shareholders of the cork company have approved a decision from the board of directors, made last December 3, to distribute an extra dividend of 8 cents per share, a value which was calculated based upon the results accomplished by the cork giant in the first 9 months of 2018 (€58.6 million in profits).