Romania: Electrica approved distribution of gross dividend

, SEE Energy News

The shareholders of the Romanian electricity distributor and supplier Electrica approved the distribution of a gross dividend in the amount of 0.15 euros/share from the company’s last year profit.

CEO of Electrica Corina Popescu said that in the extraordinary circumstances created by the COVID-19 pandemic, the company continues to honor its commitments to both customers and shareholders. The dividend distribution proposal reflects the company’s performance in 2019 and is in line with the level of dividend yield the shareholders are accustomed to.

Electrica remains one of the companies that investors still trust, despite the volatility of the capital market. The management constantly monitors the national and international context, as well as the financial performance and liquidity of the Group companies to limit any potential risks and it is ready to respond, as soon as possible, to situations generated by the evolution of the crisis.

Electrica recorded a net profit in the amount of 43 million euros in 2019, which is some 10 % lower compared to the previous year. The company’s operating profit fell to 48.4 million euros in 2019, from 54 million euros in 2018. Revenues rose to 1.3 billion euros 2019, compared to 1.16 billion euros in the previous year. Electrica’s total assets amounted to 1.61 billion euros at the end of 2019, up from 1.55 billion euros at end-2018.

Last week, Fitch Ratings announced that it has revised the outlook of Electrica’s long-term issuer default rating (IDR) to negative from stable and reaffirmed the rating at BBB. Last September, Fitch Ratings assigned Electrica a first time BBB rating with a stable outlook.

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