KORADO-Bulgaria will distribute a dividend of BGN 0.29 per share for 2021

KORADO-Bulgaria will distribute a dividend of BGN 0.29 per share for 2021

The manufacturer of steel panel radiators KORADO-Bulgaria, part of the Czech KORADO Group, held on 18.05.2022 the Annual General Meeting of its shareholders, the company announced. The distribution of gross dividend in the amount of BGN 3.819 million was approved, which represents 80% of the net profit for 2021 in the amount of BGN 4.759 million.

The total dividend per share for 2021 is BGN 0.29, for the first six months of the year - 0.1 BGN (1.317 million in total already distributed) and for the last 6 months - 0.19 BGN (2.502 million in total). 

The share prices of KORADO-Bulgaria on the BSE have maintained stable levels since the beginning of the year. This month they are trading for over BGN 7.00 per share.

We remind that the company managed to maintain its sales level and even increase it by 2% in the first quarter of this year, despite the severe unfavorable market conditions. The indirect effects of the covid pandemic and the ongoing conflict in Ukraine make the market volatile with higher energy, transport and raw material prices, as well as supply chain disruptions. These circumstances forced KORADO-Bulgaria to raise prices, which led to higher growth in revenues and profits, by 54% and 58%, respectively.

Sales growth was made possible by the fact that most of the production passed to the markets in Central and Western Europe through the parent company. Significant quantities of production were sold in Romania and Hungary, while sales to Ukraine stopped with the onset of the conflict.

Due to the extremely rapid geopolitical development, the company's management finds it very difficult to make forecasts for the coming months. There is a visible delay in orders, which may affect the results in the second quarter, but in the medium and long term an upward trend is possible.