Thus, the company will distribute as much as RON52 million to investors under the form of dividends, the report reads.
The gross dividend per share is RON0.71. Relative to the current trading price at the Bucharest Stock Exchange, respectively RON25.3 per unit, the yield reaches 2.8%. July 6 was set as ex-date, and July 7 as the registration date. The payment date of dividends was set for July 27, as per a decision of the Ordinary General Meeting of Shareholders of Transelectrica of June 19.
Initially, the proposal to distribute 50% of the company’s 2022 net profit distributable to shareholders – namely, RON52 million of a total of over RON100 million– was rejected by the Romanian State, as a majority shareholder, suggesting it was targeting a higher percentage.
In spring 2023, Transelectrica said that if it were to distribute 90% of the profit distributable to shareholders, as provided in the Memorandum of the finance ministry, then, the company’s cash available would be negative, respectively minus RON7 million in 2022, minus RON225 million in 2024 and minus RON290 million in 2025.
Transelectrica had a profit of RON80 million in Q1/2023, tenfold higher versus 2022, and operating revenue of RON1.1 billion, down 10% on the year. Its operating expenses fell by 19% to RON930 million in the first three months of 2023.
Transelectrica has a market value of almost RON1.9 billion after its TEL shares have gained 35% over the last year, amid deals worth RON61.6 million. The Romanian State owns nearly 60% of the share capital of Transelectrica.