The construction company has defined a shareholder remuneration policy of between 50% and 75% of the profits.
Mota-Engil will not distribute dividends to shareholders because of Covid-19. Due to the uncertainty, the Board of Directors proposed the transfer of the 2019 results to the reserves.
“In view of the complex moment we are living through, motivated by the already touched pandemic called Covid-19, with real and not yet fully estimated affects in value and time on the world economy, the Board of Directors proposes to the Annual General Meeting the transfer of the net profit for the year, in the amount of 1,323,125 euros and 74 cents, to free reserves,” refers the company in the report sent this Tuesday to the Securities Market Commission (CMVM).
The construction company led by Gonçalo Moura Martins achieved a net profit of 27 million euros last year, in which revenues amounted to 2.8 billion euros. Considering that the dividend policy points to a 50% to 75% of the profits distribution, the shareholders could receive between 13,5 and 20,25 million euros.
However, the dividend distribution is not completely out of the question. “During the current financial year and if economic and financial conditions improve, the Board of Directors may reassess the issue and, to this end, consider presenting the shareholders with a proposal for the reserves distribution,” explains the company.
In the same report, Mota-Engil also says that it has implemented a contingency plan in line with the best international practices, defined by the health authorities, to protect the health and well-being of employees in all geographies.