The company led by António Rios Amorim will use reserves to distribute a total of 11.3 million euros. Shareholders approved the proposal this Monday at the general meeting.
Corticeira Amorim shareholders will receive an extraordinary dividend later this year. In an extraordinary general meeting, the shareholders approved this Monday the distribution of 8.5 cents, gross, for each share, to be paid on December 19. The company will use reserves to distribute a total of 11.3 million euros.
“According to the resolution adopted by the Company’s Extraordinary General Meeting, held today, December 2, 2019, it becomes public that, as of December 19, 2019, the following extraordinary dividends will be made available to shareholders,” announced Corticeira Amorim in a statement to the Portuguese Securities Market Commission (CMVM). The securities will no longer be entitled to the dividend on December 17th.
Specifies that, for retail investors, a rate of 28% is applied to the gross dividend of 8.5 cents per share, resulting in a net dividend of 6.12 cents. For legal entities, the 25% invested in IRC results in a net dividend of 63.75 cents per share.
The decision was taken almost a month after the company led by António Rios Amorim announced a 7.1% drop in profits between January and September to 54.4 million euros. On the other hand, Corticeira Amorim’s turnover grew 3.2% in that period, to a total of 603 million euros.