HHLA FY22 Profit Down, Proposes Dividend; Warns On FY23 EBIT; Stock Up

Hamburger Hafen und Logistik AG (HHULF.PK,HHULY.PK), a German logistics and transportation firm, reported Thursday that its fiscal 2022 consolidated net income after minority interests fell 17.5 percent to 92.7 million euros from previous year's 112.3 million euros.

Earnings per share amounted to 1.23 euros, down from last year's 1.50 euros.

The consolidated operating result or EBIT fell 3.4 percent to 220.4 million euros from previous year's 228.2 million euros.

Group sales increased 7.7 percent to 1.58 billion euros from 1.47 billion euros a year ago. Meanwhile, container handling fell 7.9 percent to 6,396,000 standard containers or TEU.

The drop was primarily related to the Far East trade and the slump in volumes bound to Russia as a result of the EU sanctions imposed after the start of the war.

In the listed Port Logistics subgroup, net income after minority interests fell 20.4 percent from last year to 82.1 million euros or 1.13 euros per Class A share. Net sales increased 7.4 percent to 1.54 billion euros.

Further, the company said that the Executive Board and Supervisory Board will propose a dividend of 0.75 euro per Class A share entitled to a dividend at the Annual General Meeting on June 15. This confirms HHLA's dividend policy of paying out between 50 and 70 percent of the relevant net income for the year in the Port Logistics subgroup to its shareholders.

Looking ahead for fiscal 2023, at Group level, the company projects sales development at the level of the previous year and an EBIT in a range of 160 million euros to 190 million euros.

In Germany, HHLA shares were trading at 11.48 euros, up 2.50 percent.

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