#Israel #Dividend #Ituran #Azour #NASDAQ ITRN

Ituran Location and Control Announces $10 Million Dividend

In a noteworthy decision reflecting its robust financial health, Ituran Location and Control Ltd., traded on NASDAQ as ITRN, has officially announced a cash dividend distribution amounting to $10 million for the fourth quarter of 2024. The Board of Directors approved the dividend to be paid at a rate of $0.50 per share, allowing shareholders of record as of March 20, 2025, to benefit from this payout. The dividends will be distributed on April 3, 2025, subject to a tax deduction at a rate of 25%.

The decision to distribute dividends occurs amid Ituran's updated dividend policy, which has raised the quarterly amount by 25%, ensuring a minimum of $10 million allocated per quarter. This policy adjustment indicates the board's confidence in the company’s ongoing performance and future plans. They emphasized during deliberations that the dividend distribution would not adversely affect Ituran's operational capacities or business strategies.

As of December 31, 2024, Ituran displayed commendable financial statistics, reporting retained earnings of $226.1 million prior to the dividend distribution. After the payout, this figure is expected to decrease to $216.1 million. The company also revealed maintaining a solid cash position of $77.4 million before accounting for an earlier dividend payment from the third quarter of 2024, highlighting its ability to manage significant cash flows effectively.

With current assets totaling $119.8 million and current liabilities at $87.9 million, Ituran showcases its robust operational foundation. The board's decision to issue this dividend reiterates their commitment to creating shareholder value while ensuring the company remains on stable ground.

Founded in 1995, Ituran has emerged as a significant player in the mobility technology sector, offering cutting-edge location-based services that include stolen vehicle recovery, fleet management, and mobile asset management. Its expertise positions Ituran as the largest OEM telematics provider across Latin America, serving customers in over 20 nations. The company’s subscriber base has expanded impressively since inception, with over 2.4 million users benefiting from its innovative services, particularly in Israel and Latin America.

Ituran's operations extend globally, with a workforce of approximately 2,800 employees located in various countries, including Brazil, Argentina, Mexico, Ecuador, Colombia, India, Canada, and the USA. Furthermore, Ituran has established the DRIVE startup incubator in Tel Aviv, aimed at fostering the development of smart mobility technologies, further solidifying its position within the industry.

For more insights and updates, Ituran invites interested parties to visit its official website at www.ituran.com. This dividend announcement reflects Ituran's solid fiscal discipline and strategic foresight, ensuring that stakeholders can maintain confidence in the company's direction as it continues to innovate and grow in the rapidly-evolving mobility technology market.