NIS calls AGM for June 29, keeps payout ratio unchanged

The Board of Directors of the Petroleum Industry of Serbia (NIIS) convened the AGM for June 29, and on the agenda is the adoption of the financial reports and profit distribution.

The management proposed 25% of the profit to distribute through dividends, the company’s usual practice for many years, except in 2021, after the pandemic. According to this year’s proposal, shareholders will receive RSD 23.4bn in dividends, or RSD 143.29 per share, a record dividend in the company’s history.

The company fixes June 19 as the record date.

Immediately before the appointment of the AGM, NIS awarded the Republic of Serbia, the largest minority shareholder, a donation of EUR 60m, which led to the disappointment of the investors and a drop in the stock price.

As the distribution proposal disclosed today, NIS shares recovered 4.6% to RSD 849, which gives a dividend yield of 16.9%.

Source: NIS, Momentum