Artego's management proposes that half of the profit go to the shareholders

The shareholders of the rubber products manufacturer Artego Târgu Jiu (ARTE) are convened on March 28 with the proposal that half of last year's profit be distributed as dividends, according to a company report published on the Stock Exchange website of Bucharest Stock Exchange (BVB).

Thus, the proposal of the Board of Directors of Artego is that, from the profit of almost 8.75 million lei obtained last year, the amount of 4.41 million lei should be allocated as dividends, 1.96 million should be reinvested profit, and 2.37 millions of lei to go to other reserves.

The unit dividend is 0.54347 lei, an amount that compared to the price of the Artego share yesterday around 11:00, 17.6 lei, is equivalent to a gross yield of about 3.1%. The proposed registration date, which defines the shareholders who will benefit from dividends if the proposal receives the green light in the AGM, is May 14, and the payment date is May 31, 2023.

On the agenda of the meeting of shareholders of the rubber products manufacturer on March 28 is the extension of the use of a credit ceiling in the amount of 2.22 million euros and the maintenance of the established guarantees and the contracting of four credit facilities from ING, in lei and euros, the most important being in the amount of 4.25 million euros, for the financing of working capital.

For the first nine months of last year, Artego Târgu Jiu reported operating income of 146 million lei, 8.7% below that of the same period of the previous year, while net profit was 10.5 million lei, up by 11.2%, for the same reporting period. The company will present its preliminary financial results for last year on February 26 The company's majority shareholder is the PAS Artego Employees' Association, which owns 85.9% of the rubber products manufacturer.