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Bulgarian Monbat shareholders approve dividend distribution for 2021

SOFIA (Bulgaria), June 15 (SeeNews) – Bulgarian battery manufacturer Monbat [BUL:MONB] said its shareholders had approved the proposed payment of a gross dividend for 2021 in the amount of 5.5 million levs (2.9 million dollars/2.8 million euros), or 0.141 levs per share .

The proposal was unanimously approved by investors attending the company’s general meeting on Tuesday, who represented 89.53% of Monbat’s share capital, the company said in a stock exchange filing the same day.

Monbat will distribute its 2021 net profit totaling around 1.2 million levs as well as 4.3 million levs of retained earnings from previous years.

In 2021, the battery maker distributed a gross dividend of 7 million levs, which included its net profit for 2020 of 5.35 million levs.

Earlier in June, Monbat said its consolidated net profit fell to just over 6 million levs in the first quarter of 2022, from 6.7 million levs in the same period last year, as expenses increased. by about 8%.

Last week, Monbat and US Advanced Battery Concepts LLC (ABC) agreed on a program for the commercial development of bipolar lead-acid batteries for large-scale industrial use, which will be manufactured at a planned 1 gigawatt plant in Bulgaria.

As of 11:19 a.m. CEST on Wednesday, Monbat shares were trading down 1.74% at 5.75 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)