At the II ordinary meeting, the Board of Directors of Crnogorski elektroprenosni sistem unanimously adopted a draft Decision on distribution of net profit for the year 2020 in the amount of over € 12,459,748, which is in the spirit of what Aleksandar Mijušković, the Chairman of this highest body, announced to shareholders at the June Extraordinary Shareholder Meeting. In this way, CGES additionally shows responsibility towards its shareholders, which also contributes to increasing their sense of security, and thus trust in our Company, which is necessary for further successful business.
Despite the unfavourable economic environment in Montenegro and the coronavirus pandemic, which brought a new reality to companies and faced them with great problems and challenges, Crnogorski elektroprenosni sistem achieved an enviable result in 2020. Accordingly, the net profit of Crnogorski elektroprenosni sistem AD for the year 2020, which amounts to € 12,459,748, shall be distributed, as stipulated by the Decision, by disbursing its portion of 60%, or the amount of € 7,475,848.80, as a gross dividend amount to the Company’s shareholders, while a portion of net profit of 40%, or the amount of € 4,983,899.20, shall be distributed as retained profit and accumulated with retained profit from previous years. The gross value of dividend per paid share amounts to € 0.051336453, while the net value after deducting income tax per paid share amounts to slightly over four cents, or € 0.046716173.
Pursuant to the Companies Act and the By-Laws of CGES, the Extraordinary Shareholder Meeting will be held on 26 October 2021, at which the draft Decision of the Board of Directors will be adopted.
Please note that CGES achieved outstanding business results also in the first six months of this year with a profit of € 8.6 million, thanks, among other things, to the exceptional devotion, dedication and expertise of our employees.
At the same meeting, the Board of Directors of CGES discussed the most important topics from the work and business of this majority state-owned company. In this regard, decisions were adopted for the Updated Investment Plan of CGES 2020 – 2022, drafts Transmission Grid Code and Methodology for establishing the electricity transmission system connection fee and more.