Comelf wants to pay dividends of five million lei

The Board of Directors of the manufacturer of equipment and machinery for the energy industry Comelf Bistriţa has called shareholders to a meeting to be held on October 9 to approve the distribution of dividends from the net profit for the first half of this year and from other reserves, according to the issuer's report published on the Bucharest Stock Exchange (BVB) website.

From the interim profit of the first half of this year, the company wants to pay a dividend of 0.106 lei, while from other reserves the proposed dividend is 0.117 lei. Thus, the total proposed dividend is 0.223 lei, equivalent to an amount of about five million lei. Compared to the closing price of the company's shares in the middle of the week, of 4 lei, the proposed dividend has a yield of 5%.

The proposed record date, which defines the shareholders who will benefit from dividends, is October 28, implicitly the ex-dividend date is October 27, while the proposed payment date is November 14.

For the first half of the year, Comelf Bistriţa reported revenues of 82.5 million lei, 6% lower than those obtained in the first half of last year, while net profit amounted to 3.1 million lei, down 34% compared to the first six months of last year.

The company's management states that the decrease in revenues occurred against the backdrop of the decrease in the selling price of raw materials and the change in the assortment structure (fewer products that incorporate special materials or stainless steel and which, in value terms, due to the higher purchase price would have had a greater impact on the price and implicitly on the turnover). "Although, from a value point of view, due to the lower price of raw materials (11-14%) and the higher consumption of common materials compared to the quantity of special materials, the added value increased by 2%, which means an improvement in the productivity of the company's staff, especially the directly productive ones," the Comelf report from BVB shows.

The company is controlled by the company Uzinsider, which owns 81% of the issuer whose stock market valuation is about 90 million lei.