M.Video board of directors recommends dividend waiver for 2016
MOSCOW. April 28 (Interfax) - M.Video board of directors have recommend shareholders waive dividends for 2016.
The M.Video AGM will take place on June 5 in Moscow. The register of shareholders for the meeting will close on May 11, the retailer said in a statement.
M.Video's main beneficiary and president Alexander Tynkovan said that M.Video is not planning on paying dividends before the deal with Safmar.
The retailer traditionally distributes profits among shareholders, paying dividends annually. The company's dividend policy envisages payments of at least 60% of net profit.
Dividends were 20 rubles a share for 2015, a total of 3.6 billion rubles. For 2014 - 27 rubles a share or 4.85 billion rubles in total and for 2013 - 20 rubles a share or 3.6 billion rubles as well as paying special dividends of 25 rubles a share or 4.5 billion rubles.
M.Video is Russia's largest retailer of electronics and household appliances. The company boosted net profit to IFRS 22% to 5.546 billion rubles in 2016. Net revenue increased 13.3% to 183.219 rubles.