Janaf will pay 66.10 kuna per share to its shareholders.
The management and the supervisory board of Janaf, Croatia’s oil pipeline company, have proposed to leave the most of the 233.6 million kuna of net profits from last year in retained earnings and pay 66.6 million kuna in dividends, announced Janaf through the Zagreb Stock Exchange, reports tportal.hr on March 18, 2016.
They have explained that the company will need the money for investments into fixed assets. According to the proposal, 155.3 million kuna will be left in retained earnings. The remaining part of profits would be paid to shareholders on 15 September. The right to receive the dividend would be given to those shareholders that were recorded in the Register of the Central Depository and Clearing Company on 5 September.
“The plan for 2016 envisages investments amounting to 552.7 million kuna”, Janaf added. It emphasized that in addition to the further modernization and maintenance of the pipeline and storage systems, aimed at increased safety for the people and equipment and the environmental protection, the upgrading of the Omišalj Terminal was initiated, which creates new business opportunities for the company.
Janaf representatives said that the total value of contracted, unfinished work at the end of last year amounted to 323.3 million kuna, and the value of investments in progress on the last day of last year was 338.6 million kuna.
Gross profits of Janaf for the last year were 292.2 million kuna, an increase of 147 percent compared to the previous year while net profits rose by 133 percent to 233.6 million kuna. Total investments in the five-year period were 1.04 billion kuna, and a large part of the planned investments for that period was completed, according to the statement from Janaf.
In late 2015, Janaf finalized new agreements on oil transportation and storage of oil and oil products for 2016, whose total value amounts to approximately half a billion kuna, which points to a continued growth of business activities, the company noted.