Santos plans to pay dividends to the federal government

The Santos Port Authority (SPA), the state-owned company that manages the port of Santos, plans to pay dividends to the federal government. In recent days, the company has approved the incorporation into its share capital, of the loss of R$ 1.13 billion accumulated in recent years. With this, the company, which is currently profitable, will be able to make payments to the federal government again, says the president, Fernando Biral.

“We are a healthy company ready to distribute dividends,” he says. There is still no definition of how the payment will be. SPA (former CODESP) has already paid dividends, but the expectation is that now the amounts will be significantly higher. “A minimum of 25% [of net income] must be distributed, but it depends on the fiscal aspect. There may be a larger withdrawal because it will not affect SPA’s liquidity or the investment plan.”

In the second quarter of this year, the company posted a net income of R$ 98.9 million, up 126.6% over the same period last year.
The port authority also closed the period with total cash of R$ 1.063 billion and net cash of R$ 447.5 million. The amount far exceeds the volume of investments made directly by SPA – which does not consider the works in leased terminals. In the first half, R$ 11.87 million were invested, mainly in improvements in the perimeter avenues.

Source: Valor Econômico

To read the full original article, visit the link:

https://valor.globo.com/empresas/noticia/2021/08/20/porto-de-santos-planeja-pagar-dividendos-a-uniao.ghtml

Sharing is caring!