Bosnia-based Tvornica Cementa Kakanj (TCK) said its shareholders have approved distributing BAM16.2m (EUR8.3m) as dividend.

The HeidelbergCement group company said in a statement issued after a shareholders meeting on Tuesday that is produced 420,000t of cement in 2014, down 11.8 per cent from 476,000t a year earlier.

TCK posted a consolidated net profit of BAM11m on net sales revenues of BAM77.6m in 2014.

In March, TCK director Branimir Muidza told SeeNews in an interview cement output was seen flat this year while revenues are also expected to stagnate.

The company operates the 0.8Mta Kakanj cement works and two terminals at Sarajevo (bagged cement) and Banja Luka (bagged and bulk cement) as well as four ready-mix concrete plants.