CTT profits up 66% in 2023 with dividends up 17 cents per share

 In Companies, CTT Correios, News

The private Portuguese postal service and bank made profits of €60.5 million in 2023 with parcel revenues exceeding postal services for the first time in Q4, 2023.

CTT’s net results stood at €60.5 million (up 66% on 2022) according to results sent to the Portuguese securities market supervisor CMVM on Tuesday.

With the increase in profits, the company’s board is to propose a dividend payout to shareholders of 17 cents per share (compared to 12.5 cents last year),

Currently CTT has a buyback of its own shares underway, intending to press ahead with a reduction in its share capital.

Despite a fall in its mail business, the company has benefitted from the growth of its Banco CTT banking business, but mainly from its Express and Parcels.

Moreover, for the first time in the history of the Portuguese postal service, its was the parcels service that generated the most revenue, in Q4 of 2023, although by a small margin.

For the entire year, EBITDA was up by 17.5% to €151.9 million. “Recurrent EBIT stood at €87.6 million in 2023 (+35.7%), above the guidance that was reviewed upwards twice during the year, with a margin of 8.9% (7.1% in 2022) as a result of the strong growth of Expresso (Express) and Encomendas (Parcels), Financial Services, Retail and Banco CTT”, says the company.