Corticeira Amorim to distribute €26.6 in dividends

 In Companies, News

Portugal’s multinational cork giant Corticeira Amorim is to distribute €26.6 million or 20 cents per share in dividends to shareholders after publishing its results for 2021.

The company released the news on Thursday when it called a general meeting of the shareholders which will take place on 28 April.
The company posted a profit of €31.6 million for 2021 and informed shareholders that €26.6 million should be for dividend payouts (20 cents per share) and suggested that around €5 million should be set aside as free reserves.
At the meeting, in addition to discussing the annual accounts and other documents relating to 2021, the board suggested that shareholders should decide upon the “maximum number of shares to be acquired up to a limit of 10%” with compensation between €3 and €11.
As to own shares to be sold off, also up to a limit of 10%, the board proposes a minimum of €7.50 per share.
On 24 February, Corticeira Amorim announced that it would propose to shareholders a dividend of €0.20 per share, over the €0.185 of the previous year.
Corticeira Amorim’s profits increased 16.2% to €74.8 million in 2021, with consolidated sales increasing 13.2% to €837.8 million for 2021, a 13.2% increase on 2020.