Mullen Group shareholders endorse board of directors

OKOTOKS, Alberta - Mullen Group Ltd. (TSX: MTL), a North American logistics company with a market capitalization of $267 million and impressive year-to-date returns of 42%, disclosed the results from its annual shareholder meeting held on Tuesday, where a ballot vote took place for the election of its board of directors. According to InvestingPro, the company’s strong performance reflects robust operational execution.

The corporation, which operates a substantial portfolio of logistics companies and maintains a healthy current ratio of 2.67, announced a strong endorsement for its slate of nominees, with all directors receiving a significant majority of votes in favor. Christine McGinley, Stephen Lockwood, Laura Hartwell, Murray Mullen, Sonia Tibbatts, Jamil Murji, Richard Whitley, and Benoit Durand were the nominees whose appointments were confirmed. The company is scheduled to report its next earnings on May 14, 2025.

Laura Hartwell and Jamil Murji received the highest percentage of votes in favor, with 97.83% and 97.85% respectively. The lowest percentage of votes in favor was for Sonia Tibbatts, who still garnered a substantial majority with 93.66%. The detailed results showed that each nominee was elected with at least 94.15% of votes in favor.

Mullen Group’s operations include a variety of services such as less-than-truckload, truckload, warehousing, logistics, and specialized hauling transportation. The company also provides services related to the energy, mining, forestry, and construction industries in western Canada.

The company’s corporate office supports its independently operated businesses by providing capital and financial expertise, legal support, technology and systems support, shared services, and strategic planning.

The election results reflect shareholder confidence in the current leadership and strategic direction of Mullen Group, which has achieved revenue growth of 7.6% and earned a "GREAT" Financial Health Score from InvestingPro. The information regarding the vote is based on a press release statement from Mullen Group Ltd. For deeper insights into Mullen Group’s performance metrics and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.

In other recent news, Mullen Group Ltd. reported its financial results for the fourth quarter of 2024, maintaining steady revenue at approximately $500 million year-over-year. The company achieved an operating income before depreciation and amortization (OIBDA) of $85 million for the quarter and $332.2 million for the full year. Mullen Group is actively exploring expansion opportunities in the U.S. market, aiming to leverage potential demand growth. Additionally, Mullen Group announced a definitive agreement to acquire Cole Group Inc., which is expected to enhance its logistics capabilities, pending regulatory approvals. The acquisition aligns with Mullen Group’s strategy to strengthen its presence in customs brokerage, freight forwarding, and trade consulting. In another update, the company declared a monthly dividend of $0.07 per Common Share, payable on April 15, 2025, for shareholders on record as of March 31, 2025. This dividend is classified as an "eligible dividend" for Canadian residents, qualifying for enhanced dividend tax credits. Mullen Group’s strategic moves, including acquisitions and dividend announcements, reflect its ongoing commitment to providing value to shareholders and navigating a challenging economic environment.

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