Deutsche Post to Pay Back at Least 40% of Profit to Shareholders

Dow Jones09-24

By Christian Moess Laursen

Deutsche Post, also known as DHL, said it plans to distribute at least 40% of net profit back to shareholders and that it remains on track to meet its full-year targets.

At a press conference Tuesday following the German logistics group's late-Monday strategic review announcement, the company said that it intends to pay back between 40% and 60% of net profit to shareholders.

Under the current buyback program, the company has bought back 2.8 billion euros ($3.11 billion) so far, it said. In March, it increased its program to 4 billion euros from 1 billion euros and extended it to 2025.

It also said Tuesday that although its ability to meet its full-year targets depends on its fourth-quarter performance, it remains on track.

Speaking at the press conference, management said the company remains optimistic about the restructuring of its German parcel business, which remains the center of its European strategy, but warned of the continuing decline in mail volumes in the short-to-medium term.

Late Monday, the company--also known as DHL Group--said it would streamline its structure and capitalize on the growing e-commerce market by 2030.

It said it was aiming for 50% revenue growth by 2030 compared with 2023 by setting up standalone corporate entities for its post and parcel services in Germany as well as e-commerce activities.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

September 24, 2024 04:07 ET (08:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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