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Accor Posts FY19 Profit From Cont. Opns On Higher Revenues; Plans Share Buybacks

Accor (ACRFY.PK,ACRFF.PK), a hospitality group, reported Thursday that its fiscal 2019 net profit, group share was 464 million euros, sharply lower than prior year's 2.23 billion euros.

The prior year's results included profit from discontinued operations of 2.27 billion euros.

Net profit from continuing operations was 447 million euros, compared to a loss of 41 million euros a year ago. The results reflected the recognition of a significant 301 million euros capital gain related to the disposal of about 5 percent of the capital of Huazhu.

Consolidated EBITDA stood at 825 million euros, up 14.8 percent on a reported basis and up 5.9 percent like-for-like. EBITDA margin decreased by 20bp to 20.4 percent.

Revenue totaled 4.05 billion euros, up 16 percent from 3.49 billion euros last year. Revenue grew 3.8 percent on a like-for-like basis.

Further, Accor announced a dividend of 1.05 euros per share.

The company also said two new share buyback programs will be launched for 300 million euros in 2020 and 400 million euros in 2021. Beyond that, the Group plans to maintain a shareholder return policy in addition to its policy of distributing ordinary dividends.

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