Hidroelectrica to distribute 2023 net profit as dividend

Hidroelectrica proposed to its shareholders to pay a gross dividend of 13.99 lei ($3.04/2.82 euro) per share, for a total amount of 6,292,900,952 lei, the company said in a press release on Thursday. The proposal will be put to the vote at a general meeting of shareholders scheduled on April 29.

The hydropower producer assured its shareholders that this dividend scheme will not impact its ability to carry out investments and modernisation projects.

"The fact that we manage to fully distribute the profit achieved in 2023, given that we continue without difficulties our investment projects and modernization and maintenance programs is a clear proof of Hidroelectrica's financial stability, as well as of the extremely good prospects for the future. [...] Accelerating investments in upgrades and in new projects remains our top priority," Hidroelectrica CEO Karoly Borbely said.

The dividend scheme follows Hidroelectrica's successful initial public offering (IPO) and listing on the BVB in 2023.

Hidroelectrica booked a total revenue of 12.244 billion lei last year, up from 9.121 billion lei in 2022.

The Romanian state holds an 80.06% stake in Hidroelectrica, while the remainder is in free float on the BVB, according to bourse data.

Hidroelectrica's shares traded 0.52% higher at 134.7 lei as of 0946 CET on April 1 on the Bucharest bourse.

(1 euro=4.9695 lei)