JUMBO’s Annual General Meeting. Dividend approval of 1,00 EUR/share
UMBO’s Annual General Shareholders’ Meeting was held today, May 22nd, 2024 with increased participation and representation. Approximately 80% of shareholders attended.
• Among others, shareholders approved the BoD proposal for the distribution of a dividend from 2023 profits, of a gross amount of 1,00 EUR/share.
• The payment will start on July 16th 2024.
In March 2024, the company proceeded with an extraordinary cash distribution of EUR 0,60 per share.
Therefore, by mid-July Jumbo will pay shareholders a cumulative dividend of EUR 218m. which implies a yield of c.5,8%.
Budget
During the assembly the management informed shareholders of the Group's performance. Once again management focused on developments in the Middle East and reiterated its commitment to reviewing its estimates for 2024 post 1H trading.
For the time being, management maintains its sales and earnings growth estimates for the year in a range of +8% to +10%.
Overall sales from the beginning of the year to 5th May were up c.10% y-o-y, which management perceives to be a vote of confidence from customers during the Easter trading.
Store roll-out in progress
Regarding the Group’s network, the management informed its shareholders-partners of the following stores that became operational:
• the new owned store in Oradea, Romania, JUMBO’s second store in the city
• the restored Jumbo hyper-store in Karditsa. The store was closed due to the unprecedented floods in early September 2023.
Today, the Jumbo Group operates 86 stores, of which 53 in Greece, 5 in Cyprus, 10 in Bulgaria and 18 in Romania.
Early June 2024, the restored Jumbo hyper-store in Larissa is expected to reopen. The store was closed due to the unprecedented floods in early September 2023.
By the end of 2024, the following stores are expected to become operational:
• owned hyper store in Cyprus (Nicosia’s second)
• owned hyper store in Timisoara (Romania)
• owned hyper store in Bucharest (Romania)
• Among others, shareholders approved the BoD proposal for the distribution of a dividend from 2023 profits, of a gross amount of 1,00 EUR/share.
• The payment will start on July 16th 2024.
In March 2024, the company proceeded with an extraordinary cash distribution of EUR 0,60 per share.
Therefore, by mid-July Jumbo will pay shareholders a cumulative dividend of EUR 218m. which implies a yield of c.5,8%.
Budget
During the assembly the management informed shareholders of the Group's performance. Once again management focused on developments in the Middle East and reiterated its commitment to reviewing its estimates for 2024 post 1H trading.
For the time being, management maintains its sales and earnings growth estimates for the year in a range of +8% to +10%.
Overall sales from the beginning of the year to 5th May were up c.10% y-o-y, which management perceives to be a vote of confidence from customers during the Easter trading.
Store roll-out in progress
Regarding the Group’s network, the management informed its shareholders-partners of the following stores that became operational:
• the new owned store in Oradea, Romania, JUMBO’s second store in the city
• the restored Jumbo hyper-store in Karditsa. The store was closed due to the unprecedented floods in early September 2023.
Today, the Jumbo Group operates 86 stores, of which 53 in Greece, 5 in Cyprus, 10 in Bulgaria and 18 in Romania.
Early June 2024, the restored Jumbo hyper-store in Larissa is expected to reopen. The store was closed due to the unprecedented floods in early September 2023.
By the end of 2024, the following stores are expected to become operational:
• owned hyper store in Cyprus (Nicosia’s second)
• owned hyper store in Timisoara (Romania)
• owned hyper store in Bucharest (Romania)