25 Jun 2019 14:17

Transneft board of directors recommends 2018 dividend payouts of 10,706 rubles per share, 41% more than for 2017

MOSCOW. June 25 (Interfax) - The board of directors of Transneft has recommended paying out 10,705.95 rubles per share (ordinary or pref) for 2018, the company said.

Of this total, 1,394.74 rubles will come from 2018 net profit and 9,311.22 rubles from undistributed profit from previous years.

A total of 77.611 billion rubles will be paid out, or 51.18% of normalized net profit to International Financial Reporting Standards (IFRS) in 2018. Net consolidated profit in 2018 totaled 224 billion rubles.

This represents a 41% increase over the dividends paid out for 2017 (7,580 rubles per share, consisting of both 2017 net profit and undistributed profit from previous years). A total of 82.54 billion rubles was paid out, or 43% of IFRS net profit in 2017.

At the beginning of April, Transneft head Nikolai Tokarev said that he thought 25-40% of IFRS net profit for 2018 would be paid out; later, he said 50%. Vice President Rashid Sharipov then said the company's management was expecting payouts of 10,400 rubles per share, or 50% of normalized profit.

A total of 36,330 rubles of normalized net profit for 2018 will remain at Transneft's disposal.