Promise for constantly improved dividend policy despite the uncertainty in the Greek market
The ordinary general meeting of shareholders was held on Wednesday afternoon, the 7th of November at Jumbo Group’s headquarters. 550 shareholders representing the 82,01% of the company’s share capital participated in the general meeting.
The management informed the shareholders on the Group’s performance and its investment plan.
During the first quarter of the current financial year i.e. July 2018- September 2018, sales of the Group increased by approximately +6% y-o-y, due to the Greek stagnation. On the other hand, Romania recorded a dynamic double-digit growth increase in sales, Bulgaria recorded an increase of 11% in sales and Cyprus recorded a single digit growth in sales.
Although, October demonstrated an upward trend thanks to the improved performance of the stores in Greece, trading momentum so far in November has reversed.
The Greek market remains volatile especially in the short-term. Due to this uncertainty, the Group's budget for the current financial year accounts for an increase in sales between + 5% and + 7%.
The General Meeting approved unanimously the distribution of a dividend of EUR 53.063.306, which corresponds to EUR 0,39 (gross) per share (136.059.759 shares). It is noted that the Group has already paid the amount of EUR 23.511.127,13 as an internal dividend on 03.04.2018.
With the decision of the General Meeting, the Group will distribute the remaining amount of EUR 29.552.178,88 which corresponds to EUR 0,2172 /share (gross). After the withholding tax of 15% the remaining dividend amounts to EUR 0,18462 (net)per share.
Regarding the network development, one more privately owned hyper-store opened in Bucharest, in Romania at the end of September (approximately of 13.600 sqm), while on November 13th , another privately owned store is expected to open in Bacau (approximately 12.900 sqm). By the end of the current financial year (June 2019), the Group has scheduled to open one more store in Romania.
Regarding Greece, a store is expected to operate by the end of the current financial year, after the recent publication of the decision of Τhe Council of State in favor of the company's rights.
The management informed the shareholders on the Group’s performance and its investment plan.
During the first quarter of the current financial year i.e. July 2018- September 2018, sales of the Group increased by approximately +6% y-o-y, due to the Greek stagnation. On the other hand, Romania recorded a dynamic double-digit growth increase in sales, Bulgaria recorded an increase of 11% in sales and Cyprus recorded a single digit growth in sales.
Although, October demonstrated an upward trend thanks to the improved performance of the stores in Greece, trading momentum so far in November has reversed.
The Greek market remains volatile especially in the short-term. Due to this uncertainty, the Group's budget for the current financial year accounts for an increase in sales between + 5% and + 7%.
The General Meeting approved unanimously the distribution of a dividend of EUR 53.063.306, which corresponds to EUR 0,39 (gross) per share (136.059.759 shares). It is noted that the Group has already paid the amount of EUR 23.511.127,13 as an internal dividend on 03.04.2018.
With the decision of the General Meeting, the Group will distribute the remaining amount of EUR 29.552.178,88 which corresponds to EUR 0,2172 /share (gross). After the withholding tax of 15% the remaining dividend amounts to EUR 0,18462 (net)per share.
Regarding the network development, one more privately owned hyper-store opened in Bucharest, in Romania at the end of September (approximately of 13.600 sqm), while on November 13th , another privately owned store is expected to open in Bacau (approximately 12.900 sqm). By the end of the current financial year (June 2019), the Group has scheduled to open one more store in Romania.
Regarding Greece, a store is expected to operate by the end of the current financial year, after the recent publication of the decision of Τhe Council of State in favor of the company's rights.