N. Macedonia's Granit to pay higher dividend for 2023

Granit will distribute a total of 116.3 million denars in undistributed profits accumulated until the end of 2008 as dividend for 2023, the company said in a bourse filing.

Granit distributed a gross dividend of 36 denars per share for 2022. The company's net profit rose 15% on the year to 152.5 million denars in 2023.

Granit said earlier in May it has received a proposal from individual shareholders Vlade Velinovski, Danco Masev, and Lence Maseva, along with the real estate company Nova Stokovna Kuka, who collectively hold a 5% stake in the company. The proposal suggested distributing a higher dividend, citing Granit's stable, solvent, and liquid financial position.

Granit's shares traded at an average price of 1,300 denars on the Macedonian Stock Exchange (MSE) on May 21.

Granit was established in 1952 and privatised in 1996. Its main activities include construction and rehabilitation of roads. The company owns several concrete and asphalt plants and stone quarries.

(1 euro = 61.64 denars)