Russian gas giant Gazprom said, on Tuesday, that it achieved a net profit of 2.5 trillion rubles ($41.75 billion) in the first half of 2022, and the company’s board of directors recommended paying interim dividends following it refrained from paying them for the first time since 1998.
Gazprom’s dividend is a sensitive issue for the market, which was disappointed with the decision in June by the Russian government, the company’s main shareholder, not to pay a dividend for the 2021 results.
Gazprom said its board of directors recommended paying 51.03 rubles ($0.8558) in common stock dividends for the first half of 2022, bringing the total dividend to 1.208 trillion rubles ($20.26 billion).
The board’s decision must be approved by the shareholders, who are scheduled to hold an extraordinary general assembly on September 30.
Gazprom’s executive vice president, Famil Sadygov, said the company intends to adhere to its dividend policy, which includes paying dividends per share of at least 50 percent of adjusted net profit.
In May, Gazprom’s board of directors recommended a record dividend of 52.53 rubles per share for 2021, sparking a sharp rally in its shares. But less than a month later, Gazprom’s shares plunged regarding 30 percent in one day following the government’s decision not to pay a dividend.
Prior to the announcement of the dividend, Gazprom shares ended the trading session on the Moscow Stock Exchange 7.4 percent higher at 204 rubles per share, the highest level since July 6.
(Archyde.com)