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Rába AGM approves HUF 20 per-share dividend

Shareholders of automotive industry company Rába approved the boardʼs proposal to pay a HUF 20 per-share dividend on last yearʼs earnings at the companyʼs annual general meeting on Thursday, according to Hungarian news agency MTI.

Rába will pay out HUF 276 million in dividends starting from June 12. Rába last paid a dividend in 2002.

Draft resolutions proposed by minority shareholders asking to raise the dividend to HUF 50 per share were rejected.

Rába had consolidated HUF 42.6 billion revenues last year, down 7.6% from the year before. EBITDA fell 7.4% to HUF 4.1 bln and operating income was down 8.3% at HUF 2 bln.

Rába had unconsolidated after-tax profit of HUF 509 mln last year, according to Hungarian Accounting Standards.

The state owns 74.3% of Rábaʼs shares.