JT Grup Oil SA approves the distribution of dividends worth 3 million lei from last year's profit
- The board of directors approves the distribution of dividends in the amount of 3 million lei
- The gross value of the dividend is 0.11 lei/share
The shareholders of JT Grup Oil SA, one of the most important private companies on the fuel distribution market and the sole shareholder of JT Terminal, approved during the meeting of the Ordinary General Meeting of Shareholders from September 12, the distribution of 3,149,550 lei in the form of dividends from the cumulative undistributed profit recorded last year. The gross dividend is worth 0.11 lei/share.
October 10, 2024 was unanimously approved as the date of registration and ex-date October 9, 2024, to identify the shareholders who are to benefit from other rights and on whom the effects of the AGEA decisions are reflected. Payment to eligible shareholders will be made starting on October 28.
"Approving the dividend distribution is an essential step in our strategy to reward shareholders for the support and trust they have placed in us over time. The decision to allocate part of the retained profit reflects not only the financial stability of JT Grup Oil SA, but also our commitment to maintain a balanced dividend policy. We want this action to be a clear signal that our priority remains the creation of long-term value, in parallel with the development of the business horizontally and the strengthening of our position in the market. We remain committed to responsible corporate governance, focusing on maximizing shareholder value and strengthening our position in the industry.” points out Steluța Lebidov, Financial Director, JT Grup Oil SA
Also in the AGEA convening meeting (the Extraordinary General Meeting of Shareholders) and AGOA (Ordinary General Meeting of Shareholders) of September 12, the board of directors of JT Grup Oil SA., company listed on the AeRo market under the symbol JTG, approved the repurchase program by the Company of its own shares, up to 500,000 shares, respectively 1.75% of the share capital, with the nominal value of 1 lei/share at a minimum price equal to the BVB market price from the time of the purchase and a maximum price of 14 lei/share. They can be used in a Stock-Option-Plan type program for staff remuneration and loyalty.
It was also voted to authorize the board of directors to approve decisions by which the Board will be able to conclude legal acts in the name and on behalf of the Company, within the limit of a ceiling of 20,000,000 euros.
JT Grup Oil, debuted on the AeRO market of the Bucharest Stock Exchange (BVB), under the stock symbol JTG, on August 6, following a public offer for the sale of shares through which the company managed to attract 19.9 million lei from investors. The anticipated capitalization of the company is 186.1 million lei.
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About JT Grup Oil SA
Currently, JT Grup Oil SA carries out fuel distribution operations in the South-East of Romania with the help of its own fleet of 13 tanks with a capacity of up to 40,000 liters, equipped with pumps and indicators to measure the quantity delivered. For fuel distribution in the northern part of the country, the company has partnerships with representatives of the business environment, long-term collaborators.
In the last ten years, the company's profit was 51 million lei, reflecting a solid and sustainable financial performance. Also, the turnover in the last five years has registered a constant increase from 171 million lei in 2019 to 224 million lei in 2023, which demonstrates the company's ability to adapt to market requirements, to innovate and to -optimize its operations to drive continued growth and long-term success.
Founded in 2001, JT Grup Oil SA is one of the most important companies active in the fuel distribution market and the developer of the first private terminal for petroleum products in Romania in the port of Constanța. In 2004-2005, he built a bitumen terminal in Medgidia, which he sold shortly after receiving it, and the money obtained from the sale was invested in the development of the fuel distribution network. In 2008, the company began to develop the distribution network and introduced to the market more than 250 tanks equipped with pumps and level indicators. From 2023, JT Grup Oil SA diversified its range of products, and entered the segment of duty-free diesel fuel, which serves commercial vessels for the ports of Midia and Constanța.
