Montenegro: Lower dividend at Jugopetrol

, SEE Energy News

Dividend for 2019 is significantly lower compared to 2018, when Jugopetrol distributed gross dividend of 0.97 euros/share. Shareholders of Montenegrin oil company Jugopetrol adopted a proposal on a gross dividend payout from last year’s profit in the amount of 0.5 euros/share (0.455 euros net), totaling some 2.3 million euros.

Jugopetrol recorded a net profit in the amount of 4.33 million euros in 2019, which is an decrease of some 36 % compared to the previous year. The company’s operating revenues in the past year amounted to 158.5 million euros, which is 3.2 % lower compared to 2018, while its operating expenditures amounted to 153.2 million euros (- 6.4 %). Total assets of Jugopetrol at the end of December 2019 amounted to 109.8 million euros compared to 106.8 million euros at the end of 2018. The largest shareholder in Jugopetrol is Greek Hellenic Petroleum International, which owns 54.35 % of the shares since 2002. Other shareholders with significant number of shares are: collective custody account 5 with 9.25 %, collective custody account 1 with 8.64 %, and collective custody account 8 with 3.29 %.