23 Aug 2010 13:31


MOSCOW. Aug 23 (Interfax) - Retailer OJSC M.Video has closed paying its shareholders 413.5 million rubles in dividends for its 2009's results, the company said in a statement.

The company paid 2.3 rubles per share with total revenue on shares coming to 413,466,922.1 rubles. This was M.Video's first ever dividend payment following a decision at its annual shareholders meeting in mid-June. The company planned to close the payment by August 22.

The dividend payment was possible that's to "managerial efforts directed towards reaching positive results and maintaining a stable financial position," said Peter Gyoerffy, the company's board chairman.

The company's like-for-like sales in 2009 went down by 11.6% but, owing to chain expansion, the company has able to boost net sales revenue by 1.4% to 72.5 billion rubles. M.Video's IFRS net profit went down by 38% to 783 million rubles while EBITDA decreased by 10% to 3.24 billion rubles.

M.Video is the second largest Russian electronics and household appliances chain by number of stores, and first by sales revenue. Alexander Tynkovan is the main beneficiary. The company opened 22 new hypermarkets, including seven outlets during the fourth quarter. By the start of 2010, the company's retail chain totaled 177 stores.