NIS to pay lower dividend for 2023

The decision was approved by the company shareholders on April 29, NIS said in a statement.

The gross dividend per share will amount to 64.26 dinars. Last year, the company paid out a gross dividend of 143.29 dinars per share for 2022.

NIS recorded a net profit of 41.9 billion dinars for last year, it said. The company closed 2022 with a net profit of 93.5 billion dinars, according to previously disclosed information.

The remaining 31.4 billion dinars from the 2023 net profit will be retained, NIS said. Adding this amount to the undistributed profit from previous years will bring the total undistributed profit of NIS to 286.3 billion dinars.

NIS is one of the largest vertically integrated oil and gas companies in Southeast Europe. Its main activities include the exploration, production and processing of oil and gas, as well as the production and retail of a wide range of petroleum products.

As of end-2023, Russia's Gazprom controlled 56.15% of NIS, followed by the Serbian government with some 30%, while the remainder belonged to a number of minority shareholders.

NIS shares closed 1.62% lower at 850 dinars on Monday.

(1 euro = 117.107 dinars)