Montenegrin state power utility Elektroprivreda Crne Gore (EPCG) has decided to pay EUR 30.8 million in dividends to shareholders from retained earnings.
EPCG’s profit in 2020 fell to EUR 16.1 million, from EUR 28.3 million a year earlier.
The decision to distribute the dividends, of 29 eurocents per share, was made at the end of June, EPCG said in a statement.
The state will get the bulk of the money as EPCG’s biggest shareholder, with an 88.6% stake
The EUR 30.8 million in dividends is being paid to shareholders out of a total of EUR 59.5 million of EPCG’s retained earnings.
The bulk of the money, EUR 27 million, will go to the state of Montenegro, which holds the largest stake in EPCG, of 88.6%. The state bought back a majority stake in EPCG in 2019, from Italy’s A2A.
A few months ago, following parliamentary elections in Montenegro, EPCG got a new management team.
The company has recently unveiled its Solari 3.000+ project, which envisages the installation of solar panels in 3,000 households. EPCG is also preparing a project to install solar panels on infertile land as well as the installation of floating solar power plants.