Logista earns 73 million euros in its first fiscal quarter, 21.9% more

Maintaining the dividend policy will continue to be "a priority" for the company

Logista obtained a net profit of 73 million euros in its first fiscal quarter of 2024 (from October to December 2023), a figure 21.9% higher than the same period of the previous year, as reported by the company this Monday. to the National Securities Market Commission (CNMV).

Logista's revenues grew by 6% in its first fiscal quarter, to 3,166 million euros, while its economic sales (ordinary income without supplies) totaled 426 million euros, 7.1% more.

The group's operating profit (Ebit) increased by 1.8% in its first fiscal quarter, to €72 million, while adjusted Ebit amounted to €89 million, 5.8% more than a year earlier. .

The company recalled that the general meeting of shareholders, held last Friday, February 2, approved the distribution of a complementary dividend for fiscal year 2023 of 1.36 euros per share. Specifically, this dividend is added to the dividend distributed on August 28, 2023, of 0.49 euros per share.

Therefore, the total dividend corresponding to the year 2023 will reach an amount of 1.85 euros per share, that is, 245 million euros, which represents an increase of 34% compared to that distributed in the previous year and the distribution of 90 % of net profit for the year.

By region, in Iberia, economic sales reached 277 million euros in its first fiscal quarter, which represents an increase of 5% compared to the same period in 2023; in Italy they amounted to 96 million euros, 22% more, while in France they stood at 54 million euros, 4% less, due to the reduction in volumes of tobacco distributed during the period.

NEW ADQUISITIONS

During the period, Logista has formalized two new acquisitions. On the one hand, the purchase of SGEL Libros through its subsidiary Logista Libros, to establish itself as an independent leader in the distribution of books in Spain and Portugal. On the other hand, at the end of the period the acquisition of Belgium Parcels Service (BPS) was concluded.

The company has highlighted that this "strategic" acquisition continues Logista's expansion in Europe, "reinforcing" its position in pharmaceutical distribution and in the Courier segment in Benelux.

The CEO of Logista, Iñigo Meirás, has highlighted that the firm continues to execute its "diversification and value creation strategy."

In line with Logista's strategic plan, whose "essential" focus is to provide additional growth and diversification to the current business base, the group has assured that it continues to "seek opportunities to acquire complementary and synergistic companies", while highlighting that, in any case, maintaining the dividend policy will continue to be "a priority" for the company.

In this sense, Logista has forecast that it will continue to register sustained growth for fiscal year 2024, estimating a medium single-digit growth in adjusted operating profit over that obtained in fiscal year 2023.

Specifically, this expected growth excludes the effect of the impact on the value of inventories recorded in 2023 of 30 million euros, "given its exceptional nature and any new acquisition that may be made during the year."