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Macedonia's Cementarnica Usje to pay 14% lower dividend

Macedonia's Cementarnica Usje to pay 14% lower dividend Author: TCK. License: All rights reserved.

SKOPJE (Macedonia), July 3 (SeeNews) - Macedonian building materials producer Cementarnica Usje [MSE:USJE] said it decided to pay out a dividend of 941.5 million denars ($17.4 million/15.3 million euro), 14% lower compared to last year.

The amount allocated to dividend payment includes 32.2 million denars of undistributed earnings from 2015, Cementarnica Usje said in a bourse filing last week following a stakeholder meeting on June 29.

The stock will go ex-dividend on July 14 and the company will start distributing dividend as of September 30.

Cementarnica Usje decided to reinvest 292.1 million denars of its 2016 net profit of 1.2 billion denars. In 2015, it booked 1.26 billion denars net profit.

Cementarnica Usje is a subsidiary of the Greek-based cement producer TITAN, which owns cement plants in nine countries and employs more than 5,500 people worldwide. 

(1 euro = 61.49 denars)