Now Reading
Jumbo S – High dividend policy in an atmosphere of uncertainty

Jumbo S – High dividend policy in an atmosphere of uncertainty

Today’s Extraordinary General Meeting saw a significantly higher participation, representing approximately 79% of total share capital.

The Group’s management seized the opportunity to review its strategy and took advantage of the shareholder meeting.

The Group’s performance will be significantly improved in 2021 compared to 2020. This is due primarily to the Group’s increased sales by + 19.87% year-over-year, the defensive policy regarding the purchase of products, and the management the existing inventory. The published results for the first 6 months in 2021 showed that the gross margin was higher than the 6 months in 2020. This trend has continued into the second half.

Although 2021 is a success in the current circumstances, 2022 is still an objective for growth in terms sales and profitability.

Due to the unfair price-quality ratio, a large portion of the product mix was not available on JUMBO’s shelves.

The demand is not showing any clear trend as it is still being affected by the inflationary pressures and pandemic. The management is determined to maintain the price-quality relationship in this environment of intense uncertainty.

The Group’s strong position allows it to contribute to the effort to stop the price rises and maintain fair prices for consumers, who are the driving force behind the market.

At the same time, the management of the Group assured its shareholders-partners that as things stand today, the dividend policy of 2021 will be maintained in full for 2022 as well.

The Extraordinary General Meeting approved the proposal by the management to pay an extraordinary cash distribution for 2022 in a gross amount equal to 0,3850 EUR/share. an amount equal 50% of the total amount distributed for 2021.

The Group will continue to invest in its energy independence and green economy, taking advantage its financial strength.

More specifically:

  • The three-year plan to replace traditional lamps with LED lamps in 19 buildings in Greece, Cyprus and other countries was completed in 2021.
  • The three-year plan to install photovoltaic systems for self consumption in 28 buildings in Greece and Cyprus began in 2021 with a power of over 9,7MW.

Two projects have been completed so far in Cyprus. They have a total power of 1,29MW. The combined production of both systems is expected exceed 1,916.78MWh. It also reduces carbon dioxide (CO2) emissions by 1,369 tonnes per year.

See Also
WPR logo

Concerning the expansion in the network in 2022, a store is expected to open in Greece (approximately 10.000 square meters). There will also be a store in Cyprus measuring approximately 13.000 sq.m. Two new stores in Romania will be opening in the latter half of the year. One in the city Sibiu (approximately 16.000 sq.m.) and one in the town of Iasi (approximately 15.000 sq.m.).

The Group had 81 stores as at December 31, 2021. The 52 stores are located in Greece and Cyprus, with 5 in Cyprus, 9 on Bulgaria, 9 in Bulgaria, and 15 in Romania.

Additionally, offers its online shop in Greece as well as Cyprus.

The Group has 30 JUMBO stores in 6 countries, including Albania, Kosovo, Serbia and Northern Macedonia. The opening of the first JUMBO store in Israel is expected for 2022.

View Comments (0)

Leave a Reply

Your email address will not be published.