May 12 (SeeNews) - Bulgaria's Advance Terrafund REIT [BUL:ATER] said that its shareholders approved the proposed distribution of a gross dividend of 0.242 levs ($0.13/0.12euro) per share for 2022.
The total amount of the payout was approved at some 20.6 million levs, Advance Terrafund, which claims to be the largest public company owner of farmland in Bulgaria, said in a bourse filing on Thursday.
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Last year, the closed-end real estate investment trust, which has over 99% of its portfolio dedicated to agricultural land, distributed to its shareholders 0.527 levs per share for 2021. The company had earlier proposed to return to its investors 98.58% of the 2022 distributable profit, or some 20.9 million levs.
At the start of the year, Advance Terrafund reported that its net profit declined to 13.6 million levs in 2022 from 52.4 million levs a year earlier, as revenue shrank to 30.9 million levs from 107.6 million levs.
As at 1217 CEST on Friday, shares in Advance Terrafund traded flat at 3.48 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)