May 10 (SeeNews) - Bulgarian fertiliser maker Neochim [BUL:NEOH] said that it is proposing to shareholders to approve the distribution of a gross dividend of 5.00 levs ($2.80/2.55 euro) per share for 2022.
Neochim intends to pay out roughly 12.93 million levs out of the net profit of some 70.2 million levs generated last year, the company said in a bourse filing on Tuesday.
The company distributed the same amount in dividend for 2021.
The balance of the 2022 profit, or some 57.2 million levs, will be transferred to the company's fund for additional reserves.
Neochim shareholders will vote on the proposal at a general meeting to be held on June 21. Payments will start being made from August 17, according to the filing.
The fertiliser maker, which is a large industrial consumer of natural gas, grew its standalone net profit to 79.7 million levs in 2022 from 47.7 million levs a year earlier. Facing a series of technical disruptions over the past few months, the plant earlier this month had to halt work at its ammonium nitrate, nitric acid and electricity generation units as a result of an earlier unplanned stoppage at its ammonia production unit.
Shares in Neochim closed at 37.50 levs on the Bulgarian Stock Exchange in the first trading session of the week on Tuesday, down from 37.90 levs on Friday. The company's stock has lost over a quarter of its value over the past 12 months, bourse data showed.
(1 euro = 1.95583 levs)