Transneft management to propose raising dividends to 46% of IFRS net profit
MOSCOW. April 18 (Interfax) - Transneft's management is going to propose raising dividend payouts for 2012 to 46% of net profit to International Financial Reporting Standards (IFRS), the oil pipeline monopoly's First Vice President Maksim Grishanin said at a meeting with analysts.
"We will propose increasing dividend payouts from 25% of the parent company's IFRS [net profit] to 46% in 2013," he said.
That said, Transneft is not planning on changing its dividend policy before 2017.
"We gave this issue a spot on the roadmap. The dividend policy will be changed no earlier than 2017, when our main projects are finished," Grishanin said.
Transneft shelled out 2.785 billion rubles in dividends for 2011, which came to 15% of net profit for ordinary shares (1.67 billion rubles) and 10% for prefs (1.114 billion rubles).
The company's net profit to IFRS was down 3.6% last year to 184.4 billion rubles.
Russia's Federal Property Agency (Rosimushchestvo) owns all of Transneft's ordinary shares. Its prefs are placed among private investors.
