Croatia: JANAF voting on the distribution of dividends

, SEE Energy News

Shareholders of Croatian oil transportation company JANAF should vote on the distribution of dividends from last year’s profit in the amount of some 9.77 euros/share at the general meeting scheduled for 2 July.

Slightly more than a third of last year’s profit will be set aside for the payment of dividends. Considering the current price of JANAF shares, this is a dividend yield of 1.8 %. Last year, the company distributed dividend in the amount of 11.6 euros/share.

JANAF recorded a net profit in the amount of 35 million euros, which is 13.8 % lower compared to the previous year. The company’s operating revenues went down by 7.4 % in 2019 to 93 million euros, which is a result of overhauls at all refineries services by JANAF. Total revenues amounted to 95.5 million euros, which is 8.6 % lower compared to 2018, while total expenditures dropped by 4.1 % to 52.7 million euros. However, the company’s net profit is still 26 % above planned for 2019. Domestic sales in 2019 amounted to 31.2 million euros, down 0.7 % from 2018, while foreign sales declined by 10.2 % to 58.1 million euros. Other operating revenues in the amount of 3.65 million euros decreased by 14.9 % year-on-year. JANAF generated 51.9 million euros in revenues from oil transportation in 2019, 23.3 million euros from oil storage and 13.5 from storage of other petroleum products.