Croatian Telecom (Reuters: HT.ZA; Bloomberg: HT CZ), Croatia’s leading telecommunications provider, in accordance with the Rules of the Zagreb Stock Exchange announces its audited financial statements and the proposal for the utilization of profit for the year 2023.
At its session held yesterday, the Supervisory Board of Croatian Telecom Inc. gave its approval to the audited annual financial statements of the Company and consolidated financial statements of the HT Group for the business year 2023 and informed the Management Board about its approval. In accordance with Article 300d of the Companies Act and Article 31 of the Articles of Association of Croatian Telecom Inc., aforementioned financial statements are deemed adopted by the Management Board and the Supervisory Board and they will be referred to the General Assembly.
The Management Board and the Supervisory Board of Croatian Telecom Inc. propose to the General Assembly of the Company the distribution of the net profit from 2023 in such a manner that a part of net profit in the amount of EUR 119,340,000.00 shall be paid out as dividend to shareholders, in the amount of EUR 1.53 per share, and the remainder of net profit in the amount of EUR 5,821,197.98 shall be allocated to retained earnings.
The amount of EUR 1.53 per share represents a ratio of the dividend payment in relation to the realized profit of the Company of 95.3% and growth of 39.1% compared to the previous year and represents the highest dividend amount in the last 11 years. With respect to the last share price achieved yesterday amounting to EUR 29.70, this represents a dividend yield of 5.2%.
In line with the published financial calendar, the General Assembly is planned to be convoked for 8 May 2024. In line with the proposal, aforementioned dividend is planned to be paid out on 20 May 2024 to all shareholders who are entered in the depository of the Central Depositary & Clearing Company (SKDD) on 13 May 2024 (record date). The date on which the securities of Croatian Telecom Inc. would be traded without the dividend payment right is 10 May 2024 (ex-date).
Management Board currently expects a minimum dividend of EUR 0.80 per share for the year 2024. The Management Board will monitor the movements of parameters that could influence the dividend amount and propose accordingly.