Transport Trade Services wants to pay out almost half of last year's profit as dividends

Transport Trade Services (TTS) shareholders have been summoned to the balance sheet meeting, which will take place on April 30, with the proposal that 45% of last year's profit, of about 62 million, should go to dividends, according to a report by the issuer published yesterday on the Bucharest Stock Exchange (BVB) website.

The amount amounts to 27.9 million lei, while the dividend per share is 0.155 lei, equivalent to a gross yield of 3.8% compared to TTS's quote yesterday at mid-day trading, of 4.07 lei. To benefit from the dividends, investors must hold shares on May 26, while payments will be made starting June 16, if the proposal is approved.

Last year, Transport Trade Services reported revenues of 484.2 million lei, 46.5% below the previous year, while operating profit fell sharply, from 157.6 million lei to 62.4 million lei.

TTS is a logistics company and one of the largest freight carriers in the Danube basin. The company owns the largest river fleet in Romania, with a capacity of over 800,000 tons, eight floating cranes, as well as its own port terminals in seven locations on the Danube and in Constanţa. TTS's activity is carried out in three main segments: international freight forwarding (agricultural products, minerals and chemicals); river transport; port operations, according to a TradeVille analysis.

Last summer, the founder and chairman of the Board of Directors of TTS, Mihăilescu Alexandru Mircea, had a stake of 25.3% of the company's share capital, whose current stock market valuation amounts to about 730 million lei.