"East West Agro shareholders reject profit distribution

The shareholders of „East West Agro“, a company trading in agricultural machinery and grain storage equipment, on Thursday disapproved of the draft profit distribution proposed by the Board of Directors.

The board proposed to distribute 7.88 million euros of the profit, including 100 thousand euros for the acquisition of treasury shares, and to carry forward 7.78 million euros to the next financial year, while no dividends were foreseen.

Gediminas Kvietkauskas, the company's CEO and one of its shareholders, says that the board's proposal lacked enough votes to be approved, so shareholders are likely to vote again, and the draft profit distribution will also be adjusted.

„One vote... We needed two thirds for this decision and we did not get it. So we will probably vote again," G. Kvietkauskas told BNS.

„There is an allocation of 100 thousand (euro – BNS) in the reserve for the implementation of the options in the autumn. The company will still have to exercise the options, it will have to look for ways. We will probably adjust and change the offer," he added.

As BNS wrote, „East West Agro“ paid out a dividend of 797.2 thousand euros, or 80 cents per share last year. It was proposed that no dividend would be paid this year.

Last year, the company earned an audited net profit of €2.42 million, a 55% increase on the €1.56 million it made in 2024. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) were €4.18 million, up 61.4% (€2.59 million), and its revenue was €41.9 million, up 31% (€31.9 million). 

40% of the company's shares are held by Danas Šidlauskas, 39.67% by – G. Kvietkauskas, 9.39% by – „Multi Asset Selection Fund“, and 10.92% by – small shareholders.