20 Oct 2022 12:42

Beluga Group amends dividend policy, to pay at least 50% of earnings

MOSCOW. Oct 20 (Interfax) - The board of directors at Beluga Group , one of Russia's leading producers of alcoholic beverages, has approved a new dividend policy, according to which shareholders will receive a least 50% instead of 25% of annual net profit audited to International Financial Reporting Standards, the company said in a statement.

The company still aims to pay dividends at least twice per year.

"This amendment demonstrates the company's determination to distribute profit among shareholders, thereby enhancing the group's investment appeal," Beluga said.

Beluga approved its dividend policy in September 2020. The recommended amount of payments was set at no less than 25% of consolidated net profit to IFRS, with target frequency of at least twice a year.

The company first paid dividends in 2019, of 32 rubles per share totaling 407.8 million rubles. The company paid 10 rubles per share for H1 2020 for a total of 124.2 million rubles. Final dividends for 2020 amounted to 90 rubles per share or 1.234 billion rubles in total.

Final dividends for 2021 were 47.24 rubles per share or 649.3 million rubles in total and interim dividends for H1 2021 were 72.76 rubles per share or 1 billion rubles overall.

Dividends for H1 2022 were 150 rubles per share or 1.996 billion rubles in total.

Beluga Group is one of Russia's largest alcohol producers. The main beneficiary of the company is Alexander Mechetin with 58% of shares. The free float is 15%. The company's shares are traded on the Moscow Exchange .

Beluga boosted net profit to IFRS to 2.263 billion rubles in H1 2022, from 1.15 billion rubles a year previously. Sales revenue grew 36.7% to 42.053 billion rubles.