March 13, 2020 / 3:21 PM / 3 months ago

UPDATE 2-Fuel retailer Petrol's profit up 15%, raises dividend

(Updates with dividend proposal, share price)

LJUBLJANA, March 13 (Reuters) - Petrol on Friday reported a 15% increase in net profit to 105.2 million euros ($117.71 million) in 2019 on higher sales, Slovenia’s largest fuel retailer said on Friday.

Later on Friday, Petrol’s management proposed a dividend payment of 22 euros per share, up from 18 euros paid last year. The payment has to be confirmed at a shareholder meeting on April 23.

Sales rose 1% to 4.4 billion euros, the company said in a report. “In 2019 the group performed very well, exceeding the set targets,” it said.

“There have been no disruptions to our operations (due to coronavirus) so far, but Petrol has an action plan in place to ensure energy product supply should the situation deteriorate,” it said.

Slovenia has confirmed 141 cases of coronavirus and has limited border crossings with Italy where it is also performing health checks.

Petrol confirmed its December forecast for a net profit of 109.8 million euros this year and rising to 116 million in 2022 on sales of 5.3 billion.

Petrol’s shares fell 0.95% to 313 euros by 1504 GMT, after the results, while the blue-chip SBI index gained 1%.

Petrol operates 509 filling stations in Slovenia, Croatia, Bosnia, Serbia, Montenegro and Kosovo.

$1 = 0.8937 euros Reporting by Marja Novak; editing by Jan Harvey/Jason Neely/Jane Merriman

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