Brokerage firm says Telekom Serbia set to pay dividends

NEWS 31.05.2022 15:42
Source: N1

The Belgrade-based Momentum brokerage firm said on Tuesday that the state-owned Telekom Serbia is set to pay out almost 7 billion Dinars to its shareholders.

According to Momentum, Telekom Serbia has scheduled a meeting of shareholders for June 30 to adopt the annual financial report and a decision on dividends. It said that the state telecommunications company’s management wants to pay out 8.4 Dinars a share or a total of 6.72 billion Dinars (1 Euro – 118 Dinars) which is slightly more than the declared profits of 13.14 billion Dinars. It added that the proposed dividends are 8 percent higher than a year earlier.

Telekom Serbia is 58.1 percent state-owned and holds 20 percent of its own shares. The remaining shares are held by former and current employees and the public.

Momentum said that Telekom Serbia reported a 10 percent higher income in 2021 totaling 144.7 billion Dinars and a 3.4 percent higher debts totaling 223.9 billion Dinars at the end of December.

Telekom Serbia has been criticized for paying 600 million Euro for six seasons of TV rights to the Premier League.