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Azkoyen Group Approves a Dividend of 8.7 Million Euros

Grupo Azkoyen | Azkoyen Group Approves a Dividend of 8.7 Million Euros
24 Jun 2024

On 21 June 2024, the General Shareholders’ Meeting of Azkoyen Group approved the allocation of 8.7 million euros to dividends at noon today. This represents 50% of the consolidated net profit in 2023, improving the dividend per share by over 90%.

Juan José Suárez, the company’s president, summarised the most significant milestones in a historic year for Azkoyen Group, which recorded a net profit of 17.5 million euros, an EBITDA of 31.6 million euros, and net turnover exceeding 192.5 million euros. These figures are unprecedented for the company. The excellent results are attributed to price increases, increased activity, and the acquisitions of Ascaso and Vendon in the second half of the previous financial year.

The General Meeting also agreed to the appointment of Dña. Isabel Zarza García as an independent director and D. Rodrigo Unceta de la Cruz as a proprietary director, both for a statutory term of 3 years.

In his speech, the president highlighted the pillars on which the company is based, such as continuous innovation, business diversification, internationalisation, and sustainability as a cross-cutting value: “Our commitment to sustainability is reflected in our adherence to the United Nations Global Compact and, above all, in the development of our strategy in this area, which in 2023 received a BBB global ESG rating from the Spanish Institute of Analysts, as well as an improved assessment by Ecovadis, achieving the silver medal.”

Additionally, the meeting approved the management report, the non-financial information statement, the Board of Directors’ management, and the annual remuneration report of the directors for the 2023 financial year.

A Record Year

The year 2023 was very positive for the company’s three divisions, all of which improved their revenues. Notable is the 22.4% growth in Payment Technologies; Coffee & Vending Systems increased its turnover by 8.7%; and Time & Security by 8.3%. The company’s international character is one of the key factors explaining this growth. It is worth noting that more than a quarter of the consolidated turnover by region corresponds to Germany (26.6%); Spain represents 15.4% of the total volume; the United Kingdom 12.4%; Italy 10.9%; Belgium 5.9%; the rest of the European Union 14.2%; and other countries 14.6%.

The president highlighted some of the main achievements in 2023 across different business lines, including contracts secured in the UK and Ireland with companies such as JP Morgan and Amazon, a three-year contract in Saudi Arabia with significant annual investment, exceptional growth in Latin America (over 207% compared to the previous year), growth in IoT (Internet of Things) with more than 150,000 connected devices across Coges, Vendon, and Cashlogy, and increased services contracted by clients such as Frankfurt Airport and the German Armed Forces.

“All indicators position Azkoyen Group as a company with a solid financial, economic, and liquidity position,” the president stated at the meeting. He added, “Our strong positioning in various businesses and geographies, along with our performance in recent years, demonstrates that our company is well placed to successfully develop the planned strategic plan. For this reason, I want to convey that Azkoyen Group is at the best moment in its history and that we can look to the future with optimism,” he said before closing the last General Meeting before the celebration of the 80th anniversary, which will take place in 2025.