Relative to the closing price of one share on March 24, the proposed dividend would ensure a yield of nearly 1.7%.
Dividends are expected to be paid out on July 29, 2022 to the shareholders registered on the registration date of July 11, 2022. The ex-date is proposed for July 8, 2022.
The distribution of dividends corresponding to the months of April-December 2022 comes after the company had paid out in July 2021 dividends worth RON226.6 million, respectively a gross RON0.13 per share, from the profit recorded in the first quarter of 2021, based on the decision of the ordinary general meeting of the company’s shareholders of June 25, 2021.
Thus, the total amount of dividends distributed for the financial year 2021 is RON259.3 million, respectively a gross RON0.145 per share, of which a gross RON0.13 per share was already paid.
TeraPlast ended 2021 with consolidated net profit (which does not include the impact of 2021 exits) of RON44.6 million, 40% higher than in 2020, and revenue rose by 55% to RON615 million, in line with TeraPlast’s annual preliminary financial report.
The total net profit for 2021 amounts to RON323.5 million. The amount of RON43.6 million went into increasing the share capital, an operation approved by shareholders on June 25, 2021 and implemented in September 2021, from the profit recorded in the first quarter of 2021.
Shareholders’ agenda also includes an item targeting the buyback by the company of a maximum 2.76 million own shares at a maximum price of RON2 per share, within a stock option plan program for the implementation of a compensation system for the employees and senior employees of the Teraplast Group companies, the directors and the executive directors of the company, which should ensure the compliance with the principle of long-term performance reward and provide an employee loyalty program (“SOP”).
The nominal value of the own shares thus repurchased may not exceed together with any other own shares held by Teraplast S.A. the 10% threshold of the subscribed share capital of Teraplast S.A. the value of the buyback program may reach RON5.5 million tops, in line with calculations by Ziarul Financiar (ZF) daily.
The payment of the repurchased shares shall be made from the profit distributable or the company’s available reserves, recorded in the last annual financial statement approved, except for legal reserves.
TeraPlast has a stock market capitalization of RON2 billion and is 46.83% held by Dorel Goia, while private pension fund NN Pensii owns 12% of the share capital.
TRP shares have lost 7.6% since the beginning of 2022, amid deals worth RON130 million, and gained 38.6% in the last 12 months, amid deals worth RON709 million, in line with stock market data.