Jumbo back with 18c div­i­dend, prof­its up 37% from over­seas

Financial Mirror (Cyprus) - - FRONT PAGE -

Re­tail gi­ant Jumbo re­ported a 37% rise in an­nual net profit last week and said it was re­in­stat­ing its div­i­dend after ben­e­fit­ing from strong sales in Cyprus and Bul­garia.

Jumbo, which op­er­ates 52 stores in Greece and 14 in Cyprus, Bul­garia and Ro­ma­nia, said it was propos­ing a div­i­dend of 18c a share, a turn­around from last year when it was hit by a loss on its Cypriot de­posits. Jumbo said it also wanted to save money to re­pay a euro bond which ex­pired in May. Jumbo’s net profit for the fi­nan­cial year end­ing in June rose to 101 mln euros from 74 mln in 2013, well ahead of a tar­get of 80-85 mln which the company had set it­self. The Greek mar­ket has been ham­mered by a six-year aus­ter­ity-in­duced re­ces­sion, which has wiped out about a third of house­hold in­come, but Jumbo has soft­ened the im­pact by its con­tin­u­ous ex­pan­sion out­side the home mar­ket.

The company had al­ready re­ported that rev­enue for the year rose 8% to 542 mln euros and last week at­trib­uted the in­crease to growth of more than 10% in Cyprus and Bul­garia.

For the cur­rent year, the company ex­pects a net profit of 90-95 mln euros and a 4-6% rise in sales.

Jumbo, which has a mar­ket cap­i­tal­i­sa­tion of 1.4 bLn euros, launched five new stores last year and is plan­ning to open another six by next June.

Its shares, traded on the Athens stock ex­change are down around 7% this year.

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