Sofia BT To Pay 1.91 Leva Gross Dividend/Share

Sofia BT To Pay 1.91 Leva Gross Dividend/Share

Shareholders in Sofia BT () approved yesterday a proposal to pay out 1.91 leva gross dividend per share, or 1.8145 net dividend, the company told

The Sofia-based cigarette factory posted net profit in the amount of 5.16 mln leva (2.63 mln euros) for 2007, compared with 2.16 mln leva (1.104 mln euros) in 2006.

Shareholders deiced to allocate last year's income as follows: 10% (515,762 leva) to Reserves, 50% of the remaining 4.64 mln leva, or total of 2.32 mln leva (1.18 mln euros), to pay out dividend to shareholders, as well as for bonuses to the management. The rest will be added to Additional Reserves fund.

The general meeting also reelected Krasimir Petrov, Ivan Bilarev, Rumen Porojanov and Valentin Ivanov as members of the Board of Directors.

In 2007 net revenues stood at 87.48 mln leva (44.72 mln euros), against 68.86 mln leva ( in 2006. Net revenues from cigarette sales on the home market stood at 76.93 mln leva (39.33 mln euros), and those from export are at 3.68 mln leva (1.88 mln euros).

Last year the company manufactured 4.9 billion cigarettes, which is 1.13 billion up compared with 2006. This includes 4.58 billion for the domestic market (against 3.69 billion in 2006) and 316 million for export (against 74 mln in 2006). Last year the company reduced the product prime cost by 7.2%.

In 2007 the company sold 4.9 bln cigarettes, which brought revenues at 80.61 mln leva (41.2 mln euros), compared to 3.75 billion cigarettes and 63.92 mln leva (32.6 mln euros) in the preceding year.

4.9 billion cigarettes were sold on the local market (versus 3.67 bln in 2006) and 315 mln abroad (versus 78 mln in 2006).

Sofia BT's share in the total cigarette sales in Bulgaria rose 3.5% to 28.3% last year.

Sofia BT paid a little over 337 mln leva (172 mln euros) to the state budget in the form of VAT and taxes last year, compared with 320 mln leva (163 mln euros) in 2006.

The company was established in 1993 and is a successor of Cigarette Factory Sofia, founded in 1909. The most popular brands produced by Sofia BT are MM, Sredec, and EVA Slims.

Bids are currently at 70 leva and asks at 73 leva. The last transaction on the position dates back to June 11 and was sealed at 73 leva.

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