Greek toy manufacturer Jumbo, a retail giant, reported a 37% rise in annual net profit last week and said it was reinstating its dividend after benefiting from strong sales in Cyprus and Bulgaria. The retailer currently operates 52 stores in Greece, 14 in Cyprus as well as stores in Bulgaria and Romania. It says it is planning to propose a divident of 18 cents per share.

The Greek cash-strapped Greek market has been hit by a 6-year recession, however Jumbo’s expansionist policy and activities outside Greece have ensured its survival despite the fact that austerity policies in the country have wiped out a third of household income. In contrast to the general climate in Greece, the retailer’s revenue rose by 8% to 542 million euros last week that is attributed to a 10% increase in Cyprus and Bulgaria. This year a net profit of 90-95 million euros and a 4-6% rise in shares are expected.

Jumbo is also planning to open up more stores in the Balkans with two stores in Romania, one in Bucharest, one in Oradea and another one scheduled in the first half of 2014 in Arad.