M.Video plans to pay 27 rubles per share for 2014; total of 4.85 bln rubles
MOSCOW. April 30 (Interfax) - The board of directors of M.Video has recommended payment of 27 rubles per share for 2014 or a total of 4.85 billion rubles, the electronics retailer said in a statement.
Shareholders of record on June 29 will be eligible to receive the dividend.
M.Video shareholders will hold their annual meeting on June 16. The register of shareholders for the meeting closes on May 11.
M.Video's dividend policy is to pay at least 60% of net profit as dividends. The company boosted IFRS net profit 39.4% to 7.989 billion rubles in 2014. In other words, the board recommends paying nearly 61% of net profit as dividends.
M.Video paid 3.6 billion rubles (20 rubles per share) for 2013. In other words, the recommended dividend for 2014 is 35% higher. However, M.Video also paid a special dividend last year totaling 4.5 billion rubles (25 rubles per share).