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Bulgaria's Mak plans to skip dividend for 2020

Bulgaria's Mak plans to skip dividend for 2020 Author: Joost Nelissen Licence: Creative Commons

SOFIA (Bulgaria), April 19 (SeeNews) - Bulgarian textile company Mak [BUL:МАК] said that it intends to skip dividend distribution for last year, after it did so for 2019.

Mak plans to invest the net profit reported for 2020 in the technological upgrade of its production, it said in a bourse filing last week.

Mak's consolidated net profit increased to 3.4 million levs ($2.1 million/1.7 million euro) last year, compared with 2.2 million levs in 2019.

The company shareholders will vote on the proposal at a meeting scheduled for May 20.

Gabrovo-based Mak specialises in the production of police, firefighter and military uniforms. Last year, the company started the production of protective clothing for medical personnel, which has been in high demand since the outbreak of COVID-19.

(1 euro = 1.95583 levs)

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