Montenegro's Jugopetrol to cut 2024 dividend

The shareholders decided on May 29 to allow the company to retained its 2023 net profit of 7.04 million euro distribute as dividend 6.0 million euro in total, Jugopetrol said in a statement with the Montenegrin bourse.

Last year, the company allocated a total of 6.5 million euro for dividend payment, distributing a gross 1.4 euro and a net 1.19 euro per share.

Its shares last traded on June 3, closing down 2.44% at 12 euro, bourse data showed.

Austria-based Helleniq Energy International GmbH, part of Greece's Helleniq Energy, is Jugopetrol's largest shareholder with a 54.35% stake. The remainder belongs to smaller shareholders.

In April, Jugopetrol said its net profit fell to 7 million euro in 2023 from 12.1 million euro in 2022.

($ = 0.920 euro)