Croatia: Dividend for 2019 to be paid in 2021 to largest shareholders at INA

, SEE Energy News

In the first half of 2020, Croatian oil company INA recorded a net loss in the amount of 128 million euros, compared to a net profit of 25 million euros recorded in the same period last year. Total revenues in H1 2020 dropped by 27.5 % and amounted to 985 million euros, while expenditures dropped by 15.5 % to 1.12 billion euros.

INA said that it has paid dividend for 2019 in the amount of 8.26 euros per share to all shareholders except the two largest ones: the state and Hungarian oil and gas company MOL.

Croatian state and MOL agreed to postpone the dividend payout until January 2021 in order to maintain the company’s cash flow. MOL is entitled to some 40.3 million euros, while the state will receive 36.9 million euros in dividend.

In late August, INA’s shareholders adopted the management’s proposal to distribute dividend for 2019 in the amount of 8.26 euros per share, which is two times lower compared to a dividend of 16.6 euros per share distributed last year.