September 8 (SeeNews) - Croatian blue-chip distributor of fast-moving consumer goods Atlantic Grupa [ZSE:ATGR] intends to pay out up to 45% of its consolidated profit in dividend to shareholders, it said on Wednesday.
“In respect of very ambitious growth plans, the dividend policy of the company is based on the concept by which the major part of the earnings accomplished in the business year is retained within the company for the purpose of its investment in the development of the company,” it said in a filing to the Zagreb bourse.
The dividend policy will be carried out depending on the company's development plans and the situation on the capital market, as well as according to the growth of the net profit, revenue levels, expected increase of the property value of Atlantic Grupa, and other relevant factors, as a dividend will be paid when the mentioned conditions are met, it added.
As an advance dividend payment, the company can pay up to half of its profit, reduced by the amounts which have to be allocated to reserves in line with the law and the company's articles of association. The advance dividend payment may not exceed 50% of last year’s profit, it added.
Atlantic Grupa is a regional distributor of fast-moving consumer goods and a producer of functional foods and supplements. It also owns a pharmacy chain in Croatia.
The company paid in July a dividend of 40 kuna ($6.3/5.3 euro) per share, up from a dividend of 25 kuna it paid last year.
Atlantic's shares traded at 1,490 kuna on the Zagreb bourse intraday on Wednesday, unchanged from the previous closing price.
(1 euro = 7.488 Croatian kuna)