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Bulgaria's Tchaikapharma plans to skip dividend for second straight year

Bulgaria's Tchaikapharma plans to skip dividend for second straight year Author: Tchaikapharma / All rights reserved.

SOFIA (Bulgaria), May 10 (SeeNews) - Bulgarian drug maker Tchaikapharma [BUL:THQM] said that it is proposing to its shareholders to skip distribution of dividend for 2021.

Tchaikapharma's shareholders will vote on the proposal at a general meeting scheduled for June 20, the company said in a stock exchange filing last week.

Last year, the pharmaceuticals producer skipped dividend distribution for 2020.

The company's standalone net profit jumped to 1.4 million levs ($756,653/715,808 euro) last year from 604,000 levs in 2020.

The drug maker intends to set aside 10% of the 2021 net profit for mandatory reserves, with the balance of some 1.26 million levs to be allocated to the undistributed reserves fund.

Tchaikapharma's net profit declined to 1.88 million levs in the first quarter of 2022 from 3.05 million levs in the comparable period of 2021.

Shares in Tchaikapharma closed flat at 15.40 levs on Monday, giving the company a market capitalisation of 1.3 billion levs.

(1 euro = 1.95583 levs)

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