By Olivia Bugault 
 

Deutsche Post AG said Wednesday that net profit for the fourth quarter rose, and that it would initiate a new share-buyback program.

The German freight-and-logistics group said quarterly net profit rose to 1.48 billion euros ($1.61 billion) from EUR1.30 billion a year earlier.

Quarterly revenue rose 22% to EUR23.38 billion, while earnings before interest and taxes increased 13% to EUR2.21 billion, it said.

Deutsche Post said it expects its EBIT to come in at EUR8 billion this year, plus or minus 5% and assuming e-commerce will remain strong, which compares with EUR7.98 billion for 2021.

The company also proposed a dividend of EUR1.80 a share for 2021, up from EUR1.35 the year prior.

"In view of the positive business development, the Board of Management and Supervisory Board have again decided to implement a share buyback program with a volume of up to EUR2 billion," Deutsche Post said.

 

Write to Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

March 09, 2022 01:47 ET (06:47 GMT)

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