Trade - Metro pays dividend again after annual profit
The wholesaler Metro has returned to the black after two consecutive years of losses. Shareholders are now to receive a dividend again, as the SDax-listed company announced in Düsseldorf on Wednesday evening. For the current financial year until the end of September 2024, CEO Steffen Greubel expects sales to increase. However, profits from day-to-day business could fall further. The management cited rising costs as one reason for this. In addition, business in Russia, where Metro remains active despite the country's attack on Ukraine, is sluggish.
In the past financial year 2022/23, the retail group earned 439 million euros on the bottom line. A year earlier, high write-downs on the Russian business, the depreciation of the Russian rouble and the sale of the Belgium division had resulted in a loss of 331 million euros for the company. Prior to this, the coronavirus pandemic had already put the company in the red. After Metro shareholders had been left empty-handed with the dividend for two years, they are now to receive 55 cents per share. This is 15 cents less than for the 2019/20 financial year.
In the new financial year, sales in the twelve months to the end of September 2024 are expected to increase by three to seven percent on a currency-adjusted basis. In the past year, it increased by nine percent if the Indian business, which has since been sold, is excluded. Despite rising revenue, CEO Greubel expects less profit rather than more in day-to-day business in 2023/24: after the operating result adjusted for special items (adjusted EBITDA) recently fell by more than 15 percent to 1.17 billion euros, he considers a decline of up to 100 million to be realistic in the current financial year - or an increase of up to 50 million.
Press release
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- Despite the challenging situation in Russia, due to its ongoing conflict with Ukraine, Metro continues to operate there, impacting their business performance.
- The dividend payout for the shareholders of Metro, listed on the SDAX, will be 55 cents per share in the current financial year, following a two-year dividend freeze.
- Metro's headquarters is located in Düsseldorf, North Rhine-Westphalia, Germany, where they announced their return to profitability and the resumption of dividend payments.
- Despite an expected increase in sales for the current financial year, Metro's CEO, Steffen Greubel, anticipates a decline in daily business profits due to rising costs and sluggish trading conditions in Russia.
- In the previous financial year 2022/23, Metro reported a significant improvement in its financial performance, shifting from a loss of 331 million euros to a net profit of 439 million euros, thanks in part to the sale of its Belgium division.
Source: www.stern.de
