Management Board of Text S.A. (“Company”) informs that on June 28, 2024 it adopted a resolution regarding the distribution of net profit for the financial year from April 1, 2023 to March 31, 2024.
Pursuant to it, the Management Board will propose to the Ordinary General Meeting the following distribution of Text S.A. standalone profit, which amounted to 165 868 993.30 PLN in the financial year 2023/2024:
- to allocate PLN 11 883 993.30 to top up the reserve capital
- to allocate PLN 153 985 000.00 for the payment of dividends to shareholders; which means that the value of the dividend per share will be PLN 5.98
- taking into account advance payments for dividends for the financial year 2023/2024, i.e., advance payments in the amount of PLN 41.972.500, paid by the Company pursuant to the resolution of the Management Board of December 18, 2023, and advance payments in the amount of PLN 40 942 500, which is planned to be paid on July 30, based on the resolution of the Management Board of 28.06.2024, the outstanding dividend for the financial year 2023/2024 will be paid to shareholders in the total amount of PLN 71 070 000.00, i.e., PLN 2.76 per share.
- The dividend will be distributed among 25,750,000 shares of the Company.
- The Management Board recommends setting the Dividend Day on 29 August, 2024 and the payment date on September 5, 2024.
The Management Board upholds the dividend policy, which assumes allocating the highest possible part of the profit to payment to shareholders unless there are investment opportunities that would provide the Company and shareholders with a higher rate of return than the dividend payment. As in the previous years, the above recommendation of profit distribution results from the provisions of the Code of Commercial Companies (CCC), according to which: “In the event that the costs of development works classified as company assets have not been written off completely, no profit may be distributed corresponding to the equivalent of the amount of unwritten work costs development, unless the amount of reserve and supplementary capital available for distribution and profits from previous years is at least equal to the amount of non-written costs.”