Romania: Lower dividend proposed at Transelectrica for 2020, SEE Energy News
Romanian Transelectrica invested almost 74 million euros in its infrastructure in 2020, up by an annual 43 %. Transelectrica proposed to distribute only 26 % of its last year’s profit as dividends, namely 8 million euros in total.
However, the company will also distribute additional 4.2 million euros worth of dividends from reserves. Thus, the total amount paid to shareholders as dividends will reach 12.2 million euros. Gross dividend per share will amount to 0.17 euros and represents a 3.1 % yield, based on the current value of Transelectrica’s shares.
Transelectrica recorded a net profit in the amount of 23.3 million euros in 2020, which is by 18.3 % higher compared to the previous year. The increase in profit was mainly due to reduced operational expenses, including depreciation, as well as to an efficient management of available resources. Transelectrica’s total revenues dropped slightly by 1 % year-on-year to 486 million euros in 2020, mainly due to the decrease of the operational revenues associated to zero profit activities and also by diminished quantity of transported electricity. Total operating expenses increased by 8 % year-on- year to 199 million euros in 2020, while earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 11 % year-on-year to 89.5 million euros.
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