Investing on the stock markets can bring return in two ways - capital profit and dividend. When markets rise investors rely on the first one, i.e. profiting when the price of the stock goes up.

The upward trend on the Bulgarian stock exchange in recent years, no doubt, had investors' attention more focused on price and less on dividend.

We shouldn't forget that dividend payment also influences the stock price, and that when the price drops, dividends may turn to be the only way to profit.

Moreover, it is a fact that when markets decline, the stocks of the companies which have been known (over the years) to pay dividend are acknowledged as a rescue territory (if anything can be considered good after losing capital).

Judging by the current situation of markets worldwide, which should definitely be interpreted as a warning, investors should start looking for stocks that bring dividend.

This is why, profit.bg, made a survey of Bulgarian companies which have approved dividend distribution this year, and its return on the basis of stock price on the day before the ex-dividend date.

With less liquid companies, which were not traded on that day, we've taken into consideration the price on the last day of trade before the ex-dividend date.

CompanyCodeGross Dividend BGNNet Dividend BGNEx-Dividend Date Price On The Day Before Ex-Div. Date in BGNDividend ReturnBlack Sea Invstment REITBSEA25,1323,3724 July 20072,55916,51%Zenith Agroholding ADHZAG1,08127 June 20070,99101,05%Super Borovetz Property FundSPBF12,2811,4225 June 20071576,15%Metalopal ADMETKA0,80,7431 May 2007237,20%Capital Direct 1 REITKDSIC29,03274 May 2007118,4422,80%Cigarette factory PlovdivPLOBT2,352,1930 June/200721,0110,41%Stryinvest HoldingHSTR0,530,495 April /20074,8910,08%Bulgartabak Hoding BTH2,632,4511 July/ 200730,717,96%Sofia Commerce Pawn broker's SOFCOM0,40,3712 June/ 20075,416,87%Odessos Ship Repair YardODES12,511,6315 June/ 2007209,455,55%Zlaten lev Holding ADHLEV0,10,095 July/ 20071,685,53%Transinvestment REITTRINV0,110,16 July /20071,95,40%Elhim Iskra AD ELHIM0,220,23 June /20073,725,38%ERG Capital-2 REITERGC20,210,28 may/ 20073,885,09%ERG Capital 1 REITERGC0,20,195 May /20073,814,87%BTCBTC0,550,5130 June/ 200710,614,82%Nash Dom Bulgaria HoldingHDOM0,080,0711 July /20071,684,42%Media SystemsMEDIAS0,190,1826 April /20074,14,31%FEEI REITFEEI0,180,1719 July/ 20074,144,05%Fazan ADFAZAN0,40,3723 June/200712,13,08%Medika ADMDIKA32,793 May/2007102,082,73%Stara Planina HoldCENHL0,140,1328 June /20075,612,35%Drujba Staklarski ZavodiDRUPL2,15211 July/200786,122,32%TK HoldTCH0,10,095 July/20074,042,30%Blagoevgrad BTBLABT1,471,3630 June/200762,772,17%Severcoop GamzaGAMZA0,070,066 July/20072,982,02%Active Properties REITAKTIV0,030,0319 June/20071,421,83%Palding HoldingHPLD0,160,1520 July/20078,891,67%Premier Fund REITPREMIER0,010,0112 July/20070,71,66%SAF MagelanSAF0,30,285 July/2007171,64%Sklaova TehnikaSKTEH0,40,3716 may/2007231,62%Petrol ADPET0,080,0722 July/20074,561,57%Belovo Paper MillKMH0,070,0720 June/20074,321,53%Sofia BTSOFBT0,890,837 July/200759,11,40%Sopharma ADSFARM0,10,097 July/20077,11,31%EuroinsEURINS0,170,1612 July/200713,331,18%Bulgarian Rose SevtopolisROZA0,430,421 June/200735,61,12%Aroma ADAROMA0,110,110 July/20079,491,08%Albena Invest HoldingALBHL0,20,196 July/2007181,03%Bulgarian-Anerican Credit BankBACB0,750,727 April/200768,561,02%M+S Hydraulic KazanlakMCH0,090,0831 May /20079,090,88%Energoremont HoldingERH0,40,3712 June/200752,240,71%Drujba ADDRURA0,290,2716 June/200738,660,70%BenchMark Properties REITBMREIT0,010,015 May /20071,940,62%Synergon Holding ADPETHL0,070,074 July/200712,570,54%HESHES0,130,1227 Jume/200725,370,47%Park REITPARK0,010,0110 July/20071,240,46%Fazerles ADFZLES0,650,6127 June/2007134,360,45%KRS SaedinenieKRS0,0107 July/20071,080,41%Albena AD ALB0,50,4729 June/2007114,020,41%Neochim ADNEOH0,20,1921 June/200747,90,39%FNI Bulgaria REITBREF0,010,0124 July /20071,740,37%Bulland Investment LAND0012 July/20071,150,35%Dekotez DEKOT0,010,0124 May /20073,840,24%Lead and Zinc ComplexOTZK0,10,0912 June/200747,140,20%

*Source: Bulgarian Stock Exchange

The high dividend return of the first four companies on the list should not be misleading - you wouldn't get such each year. These are very low liquid companies, and buying their stock is extremely difficult.

The shares of Black Sea Investment REIT and Super Borovetz Property Fund have been traded just once since their bourse listing, and there has been only one transaction with the stock of Capital Direct 1 REIT at the beginning of 2005.

Trade with the shares of Zenith Agroholding began after the ex-dividend date, which indicates investors' hopes for further dividend distribution, but no one can say whether there will be such.

There are liquid companies which also pay good dividend. Such is the case with Cigarette Factory Plovdiv which gave the best dividend among the relatively liquid companies. Its return, based on price on the day before the ex-dividend date stood at 10.4%.

Bulgartabak also (as usual) approved good dividend, the return on it reaching 8%. Apart from uncertainties around the holding's privatization, the stock is established as a low-risk investment, and the company usually pays dividend every year.

Dividend return on the stock of Odessos Ship Repair Yard stands at 5.6%, and of Elhim Iskra at 5.4%.