Novatek board recommends dividend of 35.50 rubles/share for H1, at lower end of forecast

MOSCOW. Aug 28 (Interfax) - The board of directors of Novatek has recommended paying interim dividends for the first half of 2024 in the amount of 35.50 rubles per share, the Russian gas producer reported.

The dividends will be put to the vote at an EGM on September 30. The proposed dividend record date is October 11.

According to a consensus forecast compiled by Interfax, market expectations for the company's dividends averaged 39 rubles per share and ranged broadly from 35 to 47.50 rubles. The recommendation was therefore close to the lower end of the forecast range, making the projections of Alfa Bank and IB Sinara the most accurate.

Novatek paid out interim dividends in the amount of 34.50 rubles per share for the first half of 2023. The company's dividend policy calls for paying out at least 50% of consolidated net profit to IFRS, adjusted for items not related to core activities and noncash items.

Novatek's IFRS net profit jumped 120% to 341.7 billion rubles in the first half of 2024. The company did not disclose the exact adjusted profit.

Novatek's largest shareholders are Leonid Mikhelson with 24.76%, Gennady Timchenko with 23.49%, TotalEnergies with 19.4% and Gazprom with 9.99%, according to the latest disclosed information.