The Company posted 778.369.000,00 Turkish Liras of net profit for the period in the consolidated balance sheet drawn up pursuant to the provisions of the Capital Markets Board (CMB) Communiqué Serial: XI No: 29, and 639.211.883,75 Turkish Liras of net profit for the period in the balance sheets drawn up in accordance with 2019 4Q Provisional Tax Return pursuant to the provisions of the Tax Procedure Law.
Total first legal reserve that has been set aside pursuant to the Turkish Commercial Code (TCC) was 713.342.601,44 Turkish Liras, which is lower than the 20 percent of the paid-in capital. Accordingly, it has been resolved that 5 percent First Legal Reserve (31.960.594,19 Turkish Liras) shall be set aside from the 639.211.883,75 Turkish Liras of net profit for the period in the balance sheets drawn up pursuant to the provisions of the Tax Procedure Law.
First Dividend of 76.646.000,00 Turkish Liras shall be distributed. This figure is %0,1000070842619110'u percent of the 766.405.705,81 Turkish Liras net profit for the period, which is calculated by adding 19.997.300,00 TL Turkish Liras of Donations and Grants made in 2019 to the remaining 746.408.405,81 TL Turkish Liras after setting aside 31.960.594,19 Turkish Liras of First Legal Reserve pursuant to the TCC from 778.369.000,00 Turkish Liras of net profit for the period in the consolidated balance sheets drawn up pursuant to the provisions of the CMB Communiqué Serial: XI No: 29.
Also, pursuant to the TCC provisions, Second Legal Reserve shall not be set asidedue to 76.646.000,00 Turkish Liras First Legal reserve that will be distributed to the shareholders not to exceed 5 percent of the paidin capital.
The remaining profit of 669.762.405,81 Turkish Liras according to our legal records shall not be distributed, and shall be set aside as excess reserve.
The first dividend in the amount of 76.646.000,00TL Turkish Liras shall be distributed to shareholders in exchange for 2019 dividend right coupons at gross (=net) dividend rate of 0,020170 Turkish Liras in cash/on account on July 23, 2020. These matters shall be submitted for the approval of our shareholders at the 2019 Ordinary General Assembly of the Company.
In accordance with the Turkish capital markets regulations, in case of any discrepency between the Turkish and English versions of disclosures, the Turkish language version which is published on the Public Disclosure Platform (Kamuyu Aydınlatma Platformu) shall prevail.