2023-05-23 17:12:36
The giant Russian energy company, Gazprom, said on Tuesday that its net profits fell more than 40 percent to 1.226 trillion rubles ($15.77 billion) last year, compared to 2.093 trillion rubles ($26.1 billion) a year earlier.
The Russian state-owned company attributed the drop in profits to higher taxes in the second half of the year, and added that it would not distribute cash dividends for the entire year.
The shares of the company, listed on the Moscow Stock Exchange, fell by more than four percent, after its board of directors agreed not to distribute cash dividends for the entirety of 2022 after allocating semi-annual dividends of 1.2 trillion rubles ($15 billion).
The company’s executive vice president, Famil Sadygov, said that the semi-annual dividends already exceed the target level of 50 percent of net profits, and therefore it was decided to suffice with those dividends.
He added that profits before interest, taxes, depreciation and amortization last year amounted to 3.6 trillion rubles, which is the same level in 2021, and Gazprom’s foreign sales increased to 11.673 trillion rubles ($145.61 billion), compared to 10.2 trillion rubles ($127.24 billion).
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