JT Grup Oil, a company involved in petroleum product distribution and port operations, has announced several significant updates. The company, currently working on a €25 million terminal development at Constanta port, revealed that its shareholders have approved a dividend distribution of €630,000 from last year’s retained earnings.
In addition, JT Grup Oil plans to repurchase 1.75% of its shares to support a Stock Option Plan aimed at employee compensation and retention. This decision follows a 12.7% initial public offering (IPO) completed earlier this summer. The shareholders also authorized the Board of Directors to approve transactions up to €20 million, roughly 85% of the company’s market capitalization.
The company’s financial performance showed a decline in revenue, which fell by 25% from €60 million in 2022 to €45 million in 2023. Net profit also decreased slightly, from €1.27 million to €1.15 million. The dividend payout ratio is approximately 50%, resulting in a dividend yield of 2.64% based on a market capitalization of €24 million.
JT Grup Oil’s shares were listed on the Bucharest Exchange in early August following a partly successful IPO, which raised €4 million by selling a 12.7% stake to new investors.
