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The Gazprom Neft Board of Directors recommends record dividend payments for 2019 at RUB37.96 per share

  • The Gazprom Neft Annual General Meeting of Shareholders will take place by absentee ballot on 11 June 2020
  • The Board of Directors recommends shareholders approve 2019 dividend payments of RUB37.96 per ordinary share — 26.5% up on 2018
  • The total accrued dividend for 2019 is expected to be in the order of RUB180 billion

The Gazprom Neft Board of Directors has reviewed preparations for its Annual General Meeting of Shareholders (AGM). As approved by the Board of Directors, the AGM will take place in absentia on 11 June 2020. Information on those individuals and entities entitled to attend the Annual General Meeting of Shareholders in Gazprom Neft will be confirmed by close of business on 18 May 2020.

The Board of Directors has approved the provisional distribution of profits arising from the company’s activities in 2019, recommending that the Annual General Meeting of Shareholders take the decision on the payment of dividends for 2019 in the order of RUB37.96 per ordinary share (taking dividends of RUB18.14 per ordinary share, already paid on the basis of the company’s interim results for the first six months of 2019, into account). This marks a record dividend payment for the company, exceeding 2018 dividend payments (of RUB30 per ordinary share) by 26.5%.

Gazprom Neft’s dividends for 2H2019 will, for the first time, comprise 50% of net profits (IFRS) — dividends for 1H2019 being 40% of net profit (IFRS).

The total accrued dividend for 2019 is RUB180 billion, being 45% of consolidated net profit for 2019 (IFRS). The company last year increased net profit by 6.2% y-o-y, to RUB400.2 billion.

The company is expected to confirm those individuals entitled to receive dividends by 26 June 2020.

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