Logista rises 2% in the stock market after earning 73 million euros in its first quarter

Logistics closed its first fiscal quarter of fiscal year 2024 with a net profit of 73 million euros. The turnover for the period between October and December 2023 is 21.9% higher than that of the same period of the previous year, as the company reported this Monday to the National Securities Market Commission (CNMV). Consequently, its shares on the stock market accumulated a rise of 2% until 9:45 a.m.

The logistics company’s revenue grew by 6% in its first fiscal quarter, up to 3,166 million euros, while its economic sales (ordinary income without supplies) totaled 426 million euros, 7.1% more. The group’s operating profit (Ebit) increased by 1.8% in its first fiscal quarter, to 72 million euros, while adjusted Ebit amounted to 89 million euros, 5.8% more than a year before.

The company recalled that the general meeting of shareholders, held last Friday, February 2, approved the distribution of a complementary dividend for fiscal year 2023 of 1.36 euros per share. Specifically, this dividend is added to the dividend distributed on August 28, 2023, of 0.49 euros per share.

Therefore, the total dividend corresponding to fiscal year 2023 will reach an amount of 1.85 euros per sharethat is, 245 million euros, which represents an increase of 34% compared to that distributed in the previous year and the distribution of 90% of the net profit for the year.

By region, in Iberia, economic sales reached 277 million euros in its first fiscal quarter, which represents a 5% increase compared to the same period of fiscal year 2023; in Italy they amounted to 96 million euros, 22% more, while in France they stood at 54 million euros, 4% less, due to the reduction in volumes of tobacco distributed during the period.

Minutes after the start of the trading day, At around 9:45 a.m., Logista rose 2.15%, up to 26.60 euros per share. Analysts see a path to his proposal and consider that the titles could increase up to around 30 euros.

Expansion underway

During the period, Logista has formalized two new acquisitions. On the one hand, the purchase of SGEL Libros through its subsidiary Logista Libros, to establish itself as an independent leader in the distribution of books in Spain and Portugal. On the other hand, at the end of the period concluded the acquisition of Belgium Parcels Service (BPS).

The company has highlighted that this “strategic” acquisition continues Logista’s expansion in Europe, “reinforcing” its position in pharmaceutical distribution and in the Courier segment in Benelux. The CEO of Logista, Iñigo Meirás, has highlighted that the firm continues to execute its “diversification and value creation strategy.”

In line with Logista’s strategic plan, whose “essential” focus is to provide additional growth and diversification to the current business base, the group has assured that it continues to “seek opportunities to acquire complementary and synergistic companies.”