May 25 (SeeNews) - Croatian oil pipeline operator Janaf [ZSE:JNAF] said it plans to pay a dividend of 74.08 kuna ($10.7/9.8 euro) per share from its 2019 net profit, down from the dividend of 85.90 kuna per share the company distributed last year.
Janaf plans to allocate to dividend payout 74.6 million kuna from its 262 million kuna net profit for 2019, it said in a statement with the Zagreb Stock Exchange on Friday.
Typically, the company allocates half of its annual profit to reserves, while what remains of the other half after the dividend payment will be retained, it said.
The shareholders of Janaf will vote on the prоposed dividend distribution on July 2.
Last year, Janaf distributed 86.6 million kuna as dividend from its profit of 303 million kuna for 2018.
Janaf's shares last traded on the Zagreb bourse on May 20, when they closed 1.86% lower at 4,220 kuna.
Croatia's ministry of state assets controls some 52% of Janaf share capital, followed by the government's centre for enterprise restructuring and privatisation, CERP, with some 26%, and energy firm INA with some 12%.
Janaf has crude oil and oil products terminals on the island of Krk, as well as in Omisalj, Sisak, Virje, Slavonski Brod and Zitnjak. It operates 622 kilometres of pipelines.
(1 euro = 7.58109 kuna)