Romania: Distribution of Transgaz dividends approved, SEE Energy News
Shareholders of Romanian natural gas transmission system operator Transgaz approved the management’s proposal for the distribution of dividends from last year’s net profit. Gross dividend will amount to 3.19 euros/share, with a net yield od 5.67 %.
Therefore, 34.3 million euros, respectively 47.7 % of last year’s profit, will go to reserves, while the amount of 37.6 million euros, equivalent to 52.3 % of 2019 profit, will be paid to shareholders in the form of dividends. The highest collection, of some 22 million euros, will go the Romanian state, which holds 58.51 % stake in the operator.
Transgaz recorded a net profit in the amount of 73 million euros in 2019, which is by 29 % lower compared to the previous year, mainly due to lower transmission fees. The company’s operating revenues dropped by 2 % to 327.5 million euros, while operating costs increased by 13 % to 244 million euros in 2019, due to higher gas price for technological consumption, higher staff expenses and higher tax expenses (the introduction of additional 2 % tax for energy-related companies). The company invested over 210 million euros in 2019, mainly in further development and modernization of the national gas transmission system and the increase of share capital of Eurotransgaz, a subsidiary holds the company’s Moldovan assets.
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