Spain's Acciona to propose 50% dividend cut due to COVID-19

Spanish renewable energy and infrastructure group Acciona SA (BME:ANA) will propose to cut its dividend against 2019 profits by 50% in order to increase liquidity to face uncertainties caused by the pandemic of the coronavirus disease COVID-19.

At the next shareholders meeting on May 28, the group will propose a payout of EUR 1.925 (USD 2.08) per share instead of EUR 3.85 apiece despite already signing off on the annual accounts, the company announced on Friday.

Acciona said it had analysed the current global situation caused by the pandemic, as well as the state of emergency in Spain, and decided it was financially prudent and necessary to reduce the dividend payout to ensure enough liquidity.

The company booked EUR 352 million in net profit in 2019, up 7.2% year-on-year. Without corporate transactions closed in 2018, the net profit grew by 60.3%.

(EUR 1.0 = USD 1.08)

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