KORADO Bulgaria to propose lower dividend for 2022 to fund expansion
30. 3. 2023
KORADO Bulgaria to propose lower dividend for 2022 to fund expansion
March 29 (SeeNews) - Steel radiator manufacturer KORADO Bulgaria [BUL:KBG] said on Wednesday that it will propose to distribute a lower dividend for last year compared to 2021 as it plans further expansion and acquisitions.
The company will propose a dividend of 0.20 levs per share for 2022, which is lower by 0.09 levs than the payment for 2021, KORADO Bulgaria, part of Czech Republic-based KORADO Group, said in an emailed statement.
Allocating a lower dividend to shareholders will help the company channel more funds into its planned expansion, it said.
KORADO Bulgaria also said that it closed last year with an audited profit of 4.38 million levs ($2.43 million/2.24 million euro), down from 4.76 million levs a year earlier. Revenue fell to 57.4 million levs from 59.06 million levs. The company's output decreased to 449,701 radiators last year from 600,857 in 2021.
29.03.2023
