WASHINGTON (dpa-AFX) - Sanitary technology solutions provider Geberit Group (GBERF.PK) reported Wednesday that its fiscal 2020 net income decreased 0.7 percent to 642 million Swiss francs from last year's 647 million francs. Earnings per share were 17.95 francs, down from 17.97 francs last year.
Operating profit or EBIT rose 2 percent to 772 million francs, and the EBIT margin reached 25.8 percent, up from previous year's 24.5 percent.
Consolidated net sales in 2020 decreased 3.1 percent to 2.99 billion francs from 3.08 billion francs a year ago. The decline comprised growth in local currencies of 1.3 percent and a negative foreign currency effect of 4.4 percent.
Further, the Board of Directors will propose to the ordinary General Meeting of Geberit on April 14 an increase in the dividend of 0.9 percent to 11.40 francs. The payout ratio of 63.8 percent of net income is in the upper range of the 50 percent to 70 percent corridor defined by the Board.
Separately, the company said its Board will nominate Thomas Bachmann for election as an independent member of the Board of Directors at the 2021 General Meeting. He is to replace Hartmut Reuter, who will be stepping down after 13 years.
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