North Macedonia: Lower 2020 dividend at OKTA

, SEE Energy News

Distribution of a gross dividend in the amount of 1.2 euros/share was approved by shareholders of North Macedonian oil refinery OKTA, owned by Greek Hellenic Petroleum.

OKTA will distribute a total of around 1 million euros of its last year’s profit as dividend for 2020. The company distributed dividend in the amount of 2.36 euros/share last year. OKTA recorded a net loss in the amount of 8.5 million euros in 2020, compared to a net profit of 4.3 million euros recorded in the previous year. The company’s sales revenues dropped by 45 % year-on-year in 2020, reaching 248.2 million euros, of which 197.6 million euros was achieved in the domestic market (45 % drop) and 50.6 million euros on the foreign markets, which is 44.8 % less compared to 2019. OKTA remains the main supplier of fuel in North Macedonia, covering more than half of the needs of the domestic market and significant exports to Kosovo. The company owns Skopje refinery with installed capacity of 2.5 million tons.