AZOUR, Israel, Feb. 29,
2024 /PRNewswire/ -- Ituran Location and Control Ltd.
(NASDAQ: ITRN) announced that the Board of Directors approved the
distribution of a cash dividend in the amount of $0.39 per share, totaling approximately
US$ 8 million. The dividend will be
paid to shareholders of record as of March
20, 2024. The Company will pay the dividend out on
April 3, 2024 net of taxes at the
rate of 25%.
In its decision to approve the distribution of the cash
dividend, the Board of Directors examined whether the Company meets
the distribution criteria according to Israeli law. The Board of
Directors concluded that the abovementioned distribution will not
undermine the Company's ability to keep performing in its current
course of business or future, plans and is able to meet its
undertakings when due.
Retained earnings as of December 31,
2023, prior to the distribution was US$ 203.5 million and retained earnings will
reach US$ 195.5 million after the
distribution. The Board of Directors emphasized that as of
December 31, 2023, the Company had a
cash balance in hand of US$ 53.4
million (this amount is prior to the payment of a dividend
of approximately US$ 5 million which
was issued for the third quarter 2023 and was paid out in
January 2024). The Company also had
long-term loan of US$ 0.2 million and
credit from banking institutions of US$ 0.4
million. As of December 31,
2023, the Company's current assets (excluding cash and cash
equivalents) were in the sum of US$ 125.1
million and current liabilities were in the sum of
US$ 92.5 million.
About Ituran
Ituran is a leader in the emerging
mobility technology field, providing value-added location-based
services, including a full suite of services for the connected-car.
Ituran offers Stolen Vehicle Recovery, fleet management as well as
mobile asset location, management & control services for
vehicles, cargo and personal security for the retail, insurance
industry and car manufacturers. Ituran is the largest OEM
telematics provider in Latin
America. Its products and applications are used by customers
in over 20 countries. Ituran is also the founder of the
Tel-Aviv based DRIVE startup
incubator to promote the development of smart mobility
technology.
Ituran's subscriber base has been growing significantly since
the Company's inception to over 2.2 million subscribers using its
location-based services with a market leading position in
Israel and Latin America. Established in 1995, Ituran has
approximately 2,800 employees worldwide, with offices in
Israel, Brazil, Argentina, Mexico, Ecuador, Columbia, India, Canada
and the United States.
For more information, please visit Ituran's website, at:
www.ituran.com
Company Contact
Udi Mizrahi
udi_m@ituran.com
Deputy CEO & VP Finance, Ituran
(Israel) +972 3 557 1348
International Investor
Relations
Ehud
Helft
ituran@ekgir.com
EK Global Investor Relations
(US) +1 212 378
8040
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SOURCE Ituran Location and Control Ltd.