Ituran Approves Dividend Distribution

By Staff Writer November 22, 2022

Ituran Location and Control announced that the Board of Directors approved the distribution of a cash dividend in the amount of $0.14 per share, totaling approximately $3 million. The dividend will be paid to shareholders of record as of Dec. 21. The company will pay the dividend out on Jan. 4 net of taxes at the rate of 25%.

In its decision to approve the distribution of the cash dividend, the board of directors examined whether the company meets the distribution criteria according to Israeli law. The board of directors concluded that the above mentioned distribution will not undermine the company’s ability to keep performing in its current course of business or future plans and is able to meet its undertakings when due.

Retained earnings as of Sept. 30, prior to the distribution was $162.2 million and retained earnings will reach $159.2 million after the distribution. The board emphasized that as of Sept. 30, the company had a cash balance in hand of $30.1 million (this amount is prior to the payment of a dividend of $3 million which was issued for the second quarter 2022 and was paid out in October 2022). The company also had credit from banking institutions of $16.0 million. As of Sept. 30, the company’s current assets (excluding cash and cash equivalents) were in the sum of $123.3 million and current liabilities were in the sum of $96.6 million.

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Last modified on Tuesday, 22 November 2022 03:49