May 15 (SeeNews) - Serbian oil and gas group NIS [BEL:NIIS] has said its board of directors will propose to shareholders a dividend payout of 6.95 billion dinars ($70.1 million/58.8 million euro) on 2017 earnings.
The company's dividend payout for 2016 stood at 4.02 billion dinars.
NIS will distribute 25% of its 27.8 billion dinars net profit for 2017 as dividend, the company said in a statement on Monday.
The company's net profit rose 80% last year, while consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) expanded by 18% to 47 billion dinars.
NIS, 56.15%-owned by Gazprom, 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 trade with a wide range of petroleum products. Serbia's government owns a 29.87% stake in NIS.
(1 euro = 118.184 dinars)
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