The sale of RACE's holding led to a loss of 12.3 million euros. Despite the results, it will pay 15 million in dividends to shareholders.
Sonae Capital increased its losses last year. From 6.04, it increased to 12.3 million euros, mainly reflecting the impact of the sale of Race’s stake.
In a press release sent to the Portuguese Securities Market Commission (CMVM), Sonae Capital informs that “net profit was 12.3 million euros, mainly reflecting the ‘non-cash’ accounting effect associated with the sale of the RACE’s stake.”
“Excluding this effect, the evolution of the net profit would have been positive compared to the previous year, where the value recorded was negative 6 million euros,” says the company led by Miguel Gil Mata.
In the same period, consolidated EBITDA increased 9.9% to 38.1 million euros.
Consolidated turnover reached 300 million euros in 2019, a 27.3% increase over last year.
Turnover of the business units stood at 269 million euros, an increase of 46.5% compared to the previous year, with “double-digit growth in the hotel and fitness segments and three-digit growth in the energy segment” (given the Futura Energía Inversiones integration).
Losses, but there are dividends
Despite the losses, Sonae Capital states that “following the results obtained in 2019, namely from the sale of real estate assets, the Board of Directors will propose a dividend distribution of 15 million euros, equivalent to a gross dividend of 0.060 euros per share.”
“This dividend corresponds to a dividend yield of 8% on the closing price on December 31st, 2019 (which was set at 0.753 euros),” the company explained.