Artego's business increases to 53m euros

Artego, the Targu-Jiu based rubber manufacturer increased its business by 20.8% last year, generating 181.65 million RON (53 million euros). The net profit also increased 2.5 times, to 4.56 million RON (1.3 million euros), according to the financial results announced by the company. Last year the total revenues posted by the company increased by 18.6% reaching 193.96 million RON, while expenditures rose by 16.73%, to 188.17 billion RON, according to Artego sources. In 2005, Artego witnessed a net profit of 1.77 million RON. The company announced at the end of March that it would distribute a gross dividend per share of 0.3 RON, three times as much as the net dividends granted in 2005, with the total value of dividends standing at 2.98 million RON. In 2005, Artego granted total dividends worth 1.18 million RON. The company shareholders decided that 289,450 RON would be distributed to legal reserves, while the remaining profit, worth 1.29 million RON, is to be used for investments. The company has a 24.87 million-RON share capital, with the majority shareholder being the company’s employees association with an approximately 70% stake. SIF Oltenia (Financial Investment Company Oltenia) owns 5.68%, while other shareholders hold the remaining 24.28%.