TMK might pay out 1.94 rubles/share for H1
MOSCOW. Aug 26 (Interfax) - The board of directors of TMK , a major Russian pipe producer, has recommended paying dividends for the first half of 2016 in the amount of 1.94 rubles per share, the company said.
In total, TMK plans to spend more than 2 billion rubles on dividend payments.
Shareholders will vote on the dividend recommendation at an extraordinary meeting on September 29 to be held on a correspondence basis. The register of shareholders for the meeting closes on September 2. The board has recommended that the register for receipt of dividends close on October 10.
TMK paid dividends for H1 2015 amounting to 2.42 rubles per share or 2.4 billion rubles in total. In other words, interim dividends this year might by 19.8% less.
TMK did not pay a final dividend for 2015.
It did not pay a final dividend for 2014 either, although it paid 0.379 rubles per share for the first half (393.786 million rubles in total).
Charter capital is split into 991,907,260 10-ruble shares.
EBITDA rose 19.2% to $143 million in Q2 2016 but was down 25.8% to $264 million in H1. Net profit increased fourfold in Q2 to $57 million and was down 25.8% to $71 million in H1. Net debt reached $2.497 billion as of the end of June. The net debt/EBITDA ratio was 4.6.
TMK is Russia's largest pipe producer and one of the top three pipe companies in the world. TMK has about 30 plants in Russia, the United States, Romania, Kazakhstan and Oman, and two research centers in Russia and the U.S. TMK's principal beneficiary is company chairman Dmitry Pumpyansky. The free float is 32.24%.
