March 3 (SeeNews) - Croatian oil pipeline operator Jadranski Naftovod [ZSE:JNAF-R-A] said on Friday it will boost capital by 100.8 million kuna ($14.4 million/13.6 million euro) to 2.95 billion kuna by converting profit earned last year into equity.
Due to the capital increase, the nominal value of the company shares will increase by 100.0 kuna apiece to 2,930.0 kuna, Janaf said in a filing with the Zagreb bourse.
Janaf's capital is divided into 1,007,658 shares.
In a separate release, also published on Friday, Janaf said it will distribute as dividend 166.3 million kuna out of its 2016 net profit of 290.5 million kuna.
In February, the company said its non-consolidated net profit jumped 24.4% last year.
The company intends to pay a dividend of 165.0 kuna per share for 2016, higher than last year's dividend payment of 132.15 kuna per share.
Janaf added it will allocate 14.5 million kuna of its 2016 profit to legal reserves and retain 8.9 million kuna as undistributed profit.
Janaf has terminals on the island of Krk, as well as in Sisak, Virje, Slavonski Brod and Zitnjak and operates 622 kilometres of pipelines. It has a total of 1.54 million cu m of storage capacity for oil and 202,000 cu m of capacity for the storage of oil products.
(1 euro=7.41698 kuna)