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JCDecaux SE is planning not to pay a dividend after swinging to a net profit last year as it seeks to strengthen its coffers to pursue what it called external bolt-on investment opportunities.
The French outdoor-advertising company
DEC,
on Thursday reported a net profit of 132.1 million euros ($139.3 million) compared with a EUR14.5 million loss in 2021.
Adjusted earnings before interest, taxes and impairments–one of JCDecaux’s preferred measures of profitability–jumped to EUR212 million from EUR16.3 million the previous year.
“To continue to reinforce our capacity to seize future organic and external bolt-on investment opportunities, we will propose at the annual general meeting which will take place on May 16, 2023, not to pay any dividend in 2023,” the company said.
Adjusted revenue climbed 16.6% organically to EUR3.32 billion, with an adjusted operating margin of 18.2%.
For the first quarter, JCDecaux is targeting adjusted organic revenue growth of roughly 2.5%, including a double-digit revenue decline in China.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
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