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.
Company | Code | Gross Dividend BGN | Net Dividend BGN | Ex-Dividend Date | Price On The Day Before Ex-Div. Date in BGN | Dividend Return |
Black Sea Invstment REIT | BSEA | 25,13 | 23,37 | 24 July 2007 | 2,55 | 916,51% |
Zenith Agroholding AD | HZAG | 1,08 | 1 | 27 June 2007 | 0,99 | 101,05% |
Super Borovetz Property Fund | SPBF | 12,28 | 11,42 | 25 June 2007 | 15 | 76,15% |
Metalopal AD | METKA | 0,8 | 0,74 | 31 May 2007 | 2 | 37,20% |
Capital Direct 1 REIT | KDSIC | 29,03 | 27 | 4 May 2007 | 118,44 | 22,80% |
Cigarette factory Plovdiv | PLOBT | 2,35 | 2,19 | 30 June/2007 | 21,01 | 10,41% |
Stryinvest Holding | HSTR | 0,53 | 0,49 | 5 April /2007 | 4,89 | 10,08% |
Bulgartabak Hoding | BTH | 2,63 | 2,45 | 11 July/ 2007 | 30,71 | 7,96% |
Sofia Commerce Pawn broker's | SOFCOM | 0,4 | 0,37 | 12 June/ 2007 | 5,41 | 6,87% |
Odessos Ship Repair Yard | ODES | 12,5 | 11,63 | 15 June/ 2007 | 209,45 | 5,55% |
Zlaten lev Holding AD | HLEV | 0,1 | 0,09 | 5 July/ 2007 | 1,68 | 5,53% |
Transinvestment REIT | TRINV | 0,11 | 0,1 | 6 July /2007 | 1,9 | 5,40% |
Elhim Iskra AD | ELHIM | 0,22 | 0,2 | 3 June /2007 | 3,72 | 5,38% |
ERG Capital-2 REIT | ERGC2 | 0,21 | 0,2 | 8 may/ 2007 | 3,88 | 5,09% |
ERG Capital 1 REIT | ERGC | 0,2 | 0,19 | 5 May /2007 | 3,81 | 4,87% |
BTC | BTC | 0,55 | 0,51 | 30 June/ 2007 | 10,61 | 4,82% |
Nash Dom Bulgaria Holding | HDOM | 0,08 | 0,07 | 11 July /2007 | 1,68 | 4,42% |
Media Systems | MEDIAS | 0,19 | 0,18 | 26 April /2007 | 4,1 | 4,31% |
FEEI REIT | FEEI | 0,18 | 0,17 | 19 July/ 2007 | 4,14 | 4,05% |
Fazan AD | FAZAN | 0,4 | 0,37 | 23 June/2007 | 12,1 | 3,08% |
Medika AD | MDIKA | 3 | 2,79 | 3 May/2007 | 102,08 | 2,73% |
Stara Planina Hold | CENHL | 0,14 | 0,13 | 28 June /2007 | 5,61 | 2,35% |
Drujba Staklarski Zavodi | DRUPL | 2,15 | 2 | 11 July/2007 | 86,12 | 2,32% |
TK Hold | TCH | 0,1 | 0,09 | 5 July/2007 | 4,04 | 2,30% |
Blagoevgrad BT | BLABT | 1,47 | 1,36 | 30 June/2007 | 62,77 | 2,17% |
Severcoop Gamza | GAMZA | 0,07 | 0,06 | 6 July/2007 | 2,98 | 2,02% |
Active Properties REIT | AKTIV | 0,03 | 0,03 | 19 June/2007 | 1,42 | 1,83% |
Palding Holding | HPLD | 0,16 | 0,15 | 20 July/2007 | 8,89 | 1,67% |
Premier Fund REIT | PREMIER | 0,01 | 0,01 | 12 July/2007 | 0,7 | 1,66% |
SAF Magelan | SAF | 0,3 | 0,28 | 5 July/2007 | 17 | 1,64% |
Sklaova Tehnika | SKTEH | 0,4 | 0,37 | 16 may/2007 | 23 | 1,62% |
Petrol AD | PET | 0,08 | 0,07 | 22 July/2007 | 4,56 | 1,57% |
Belovo Paper Mill | KMH | 0,07 | 0,07 | 20 June/2007 | 4,32 | 1,53% |
Sofia BT | SOFBT | 0,89 | 0,83 | 7 July/2007 | 59,1 | 1,40% |
Sopharma AD | SFARM | 0,1 | 0,09 | 7 July/2007 | 7,1 | 1,31% |
Euroins | EURINS | 0,17 | 0,16 | 12 July/2007 | 13,33 | 1,18% |
Bulgarian Rose Sevtopolis | ROZA | 0,43 | 0,4 | 21 June/2007 | 35,6 | 1,12% |
Aroma AD | AROMA | 0,11 | 0,1 | 10 July/2007 | 9,49 | 1,08% |
Albena Invest Holding | ALBHL | 0,2 | 0,19 | 6 July/2007 | 18 | 1,03% |
Bulgarian-Anerican Credit Bank | BACB | 0,75 | 0,7 | 27 April/2007 | 68,56 | 1,02% |
M+S Hydraulic Kazanlak | MCH | 0,09 | 0,08 | 31 May /2007 | 9,09 | 0,88% |
Energoremont Holding | ERH | 0,4 | 0,37 | 12 June/2007 | 52,24 | 0,71% |
Drujba AD | DRURA | 0,29 | 0,27 | 16 June/2007 | 38,66 | 0,70% |
BenchMark Properties REIT | BMREIT | 0,01 | 0,01 | 5 May /2007 | 1,94 | 0,62% |
Synergon Holding AD | PETHL | 0,07 | 0,07 | 4 July/2007 | 12,57 | 0,54% |
HES | HES | 0,13 | 0,12 | 27 Jume/2007 | 25,37 | 0,47% |
Park REIT | PARK | 0,01 | 0,01 | 10 July/2007 | 1,24 | 0,46% |
Fazerles AD | FZLES | 0,65 | 0,61 | 27 June/2007 | 134,36 | 0,45% |
KRS Saedinenie | KRS | 0,01 | 0 | 7 July/2007 | 1,08 | 0,41% |
Albena AD | ALB | 0,5 | 0,47 | 29 June/2007 | 114,02 | 0,41% |
Neochim AD | NEOH | 0,2 | 0,19 | 21 June/2007 | 47,9 | 0,39% |
FNI Bulgaria REIT | BREF | 0,01 | 0,01 | 24 July /2007 | 1,74 | 0,37% |
Bulland Investment | LAND | 0 | 0 | 12 July/2007 | 1,15 | 0,35% |
Dekotez | DEKOT | 0,01 | 0,01 | 24 May /2007 | 3,84 | 0,24% |
Lead and Zinc Complex | OTZK | 0,1 | 0,09 | 12 June/2007 | 47,14 | 0,20% |
*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%.