Stora Enso sees subdued market – raises dividend
Stora Enso, one of Sweden's major forest owners with a number of mills and sawmills in the country, is raising its dividend, according to a proposal from the board of directors in the forestry group's financial statements. But the outlook is still subdued and unpredictable, according to the company.
"The forecast is that the market will continue to be subdued and unpredictable, affected by macroeconomic factors and a continued uncertain geopolitical situation," the company writes in a press release.
According to Stora Enso, work is now continuing to reduce costs and strengthen efficiency to increase earnings and increase competitiveness.
The dividend is proposed to be increased by 25 percent to EUR 0.25 per share, up from EUR 0.20 per share last year.
Stora Enso plans to sell approximately 12 percent of its forest assets in Sweden, covering 1.4 million hectares, with a book value of EUR 6.3 billion.
"The sales process is ongoing," Stora Enso writes.
For the fourth quarter of last year, Stora Enso reported more than a doubling of adjusted operating profit to EUR 121 million, up from EUR 51 million.
Turnover increased by 7 percent to EUR 2.3 billion.
