Bulgaria: Dividend distribution to be skipped at TPP Maritsa

, SEE Energy News

TPP Maritsa’s shareholders will vote on proposal to skip distribution of dividends at the next general meeting scheduled for 25 September. The company said that it is planning to skip dividend distribution from 2019 profits and intends to use the funds to cover losses incurred in previous years.

TPP Maritsa 3 reported a consolidated net profit in the amount of 2.9 million euros in 2019, compared to a profit of 1.35 million euros recorded in the same period last year. The company’s total revenues increased to 24.8 million euros in 2019, compared to 9 million euros in revenues in the previous year. Total expenditures rose as well, reaching 22 million euros, compared to 6.4 million euros in 2018.

TPP Maritsa 3 is located in Dimitrovgrad in southern Bulgaria and has 120 MW output. Its largest shareholders is UK-based Topgroup with 49 % stake.