RussNeft board recommends dividends only for preferred shares for 2023, proposes allocating $100 mln

MOSCOW. May 24 (Interfax) - The board of directors of RussNeft during a meeting on May 21 recommended that the annual general shareholders meeting vote to allocate $100 million to pay out dividends on preferred shares for 2023, the oil company said.

The board recommended not paying out dividends on ordinary shares and not distributing the remaining part of net profit.

The board has scheduled the AGM to be held in absentia on June 26, and the date of record for the AGM is June 1.

RussNeft boosted net profit to Russian Accounting Standards 3.8-fold to 31.8 billion rubles in 2023, with net profit to International Financial Reporting Standards remaining at the 2022 level of 20.4 billion rubles.

RussNeft traditionally pays dividends only on preferred shares, which are distributed between Trust Bank and VTB Bank. The company allocated $110 million for dividends on preferred shares for 2022, which was 10.57 billion rubles at the exchange rate of the Central Bank of Russia at the time of payment.

RussNeft has equity capital of 196.076 million rubles, divided into 294.12 million ordinary shares and 98.032 million preferred shares at par value of 50 kopecks per share.