Croatia: Lower dividend for 2019 at JANAF, 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 9.8 euros/share, at the general meeting held on 2 July.
Slightly less than a third of last year’s profit has been set aside for the payment of dividends, namely 9.9 million euros out of 35 million euros 2019 net profit. 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.