Russian gas giant Gazprom made a record 2.5 trillion rubles (about 1 trillion CZK) in the first half of this year. The company announced this Tuesday, according to Reuters. It added that its management recommended the payment of interim dividends. Gazprom paid no dividends last year, so its shareholders did not receive an annual dividend for the first time since 1998.
Gazprom did not pay a dividend last year and therefore its shareholders did not receive an annual dividend for the first time in more than 20 years | Source: Reuters
This year, due to its attack on Ukraine, Russia became the target of large-scale economic and financial sanctions by Western countries. Gazprom began to limit gas supplies to Europe, but the company nevertheless benefits from the sharp rise in prices for this raw material.
“Despite the pressures of sanctions and an unfavorable external environment, Gazprom Group recorded record sales and net profits in the first half of 2022. At the same time, it reduced net indebtedness,” said the company’s deputy director, Famil Sadygov.
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The company’s management today recommended a dividend of 51.03 rubles per share for the first half of the year. In total, the company will thus pay more than 1.2 trillion rubles to shareholders.
The proposal still needs shareholder approval at the extraordinary general meeting to be held on September 30. The main shareholder of Gazprom is the Russian government.
In May, Gazprom’s management proposed paying a record dividend of 52.53 rubles per share for last year. But a month later, the Russian government reversed this decision at the annual general meeting, which led to a sharp drop in Gazprom’s share price, Reuters writes.
Gazprom has the largest reserves of natural gas in the world and has a monopoly on the export of this strategically important raw material from Russia through a network of gas pipelines.
