CTT’s profit fell 5.2% (minus two million euros) last year, compared to the previous year, to 36.4 million euros, and operating income increased by 7%, the Correios announced today.
In a statement sent to the Securities Market Commission (CMVM), CTT said that operating income grew by 6.9% last year, compared to the same period in 2021, to 906.6 million euros, i.e. 58 more .8 million euros, “growing in all business areas”.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 9.5% to 129.3 million euros.
“Recurrent EBIT stood at 64.5 million euros in 2022, having reached 25.8 million euros in the fourth quarter” of last year, “thus verifying an improvement in the trend throughout 2022” (20, 1 million euros in the third quarter, 12.0 million euros in the second and 6.7 million euros in the first three months of the year, advance CTT.
In the period under review, operating cash flow was 99.6 million euros, 61.2% more (37.8 million euros more) than in 2021.
Management will propose a dividend increase to 0.125 euros per share
The Board of Directors of CTT will propose to the general meeting an increase in the dividend for 2022 to 0.125 euros per share, disclosed the Correios de Portugal.
In a statement sent to the Securities Market Commission (CMVM), CTT said that this proposal represents a dividend return of 4.1% and a payout ratio of around 47.7%.
CTT refers that it remains committed to improving shareholder remuneration, while maintaining financial flexibility.
In April last year, CTT shareholders approved the payment of a gross dividend of 12 cents per share.
CTT’s profit fell 5.2% (minus two million euros) in 2022, compared to the previous year, to 36.4 million euros, and operating income increased by 7%, the Correios announced today.
CTT proposes governance change and reduction of the Executive Committee to 3 members
CTT will propose at the next general meeting of shareholders a simplification of the Executive Committee model, reducing it from five to three members, and the Board of Directors, from 15 to 11, was announced today.
CTT’s profit fell 5.2% last year, compared to 2021, to 36.4 million euros and operating income increased by 6.9%, reaching 906.6 million euros, 58.8 million euros more than which in 2021, growing in all business areas, CTT released today.
The company led by João Bento also announced that, with the aim of reinforcing the agility, efficiency and focus of the management team, it will propose at the next general meeting “a simplified model of the Executive Committee”, which is in line with recent practices from the market.
This simplified model presents a reduction of the Executive Committee, from five to three members, and of the Board of Directors, from 15 to 11 members.
The proposal that will be presented to the shareholders proposes João Bento as CEO (executive president) of CTT, as CFO (financial administrator) Guy Pacheco and as CMO (administrator in charge of marketing) João Sousa.
António Pedro Silva and João Gaspar da Silva remain in the company and in the management team, respectively, as managing director and coordinating director.
