The Gazprom Neft Annual General Meeting of Shareholders has taken place in St Petersburg, with shareholders approving the 2018 Annual Report and Accounts. The company’s shareholders also supported the Board of Directors’ recommendation that dividends be paid in the amount of RUB30 per ordinary share (including a dividend of RUB22.05 per ordinary share based on the first nine months of FY2018). This represents a record-breaking dividend payment for the company and is twice the level set in 2017, of RUB15 per ordinary share.
Gazprom Neft’s total dividend distribution for 2018 is RUB142.2 billion — 37.8 percent of the company’s FY2018 consolidated net profit (IFRS). Net profit in 2018 was up 48.7 percent year-on-year, reaching RUB376.7 billion.
Alexander Dyukov, CEO and Chairman of the Management Board, Gazprom Neft, commented: “The company consolidated its position as the industry leader in terms of efficiency in 2018, significantly improving its financial performance. We continue to develop major projects successfully, and are modernising production capacity, actively implementing new technologies, and responding quickly to changes in market conditions. The company’s achievements are being well received by the market: Gazprom Neft’s share price has risen by more than 40 percent over the past year, with capitalisation reaching a record RUB1.6 trillion. We will maintain this course throughout 2019, continuing to focus on improving operational efficiency, technological development and further growth in shareholder value.”Alexander Dyukov CEO and Chairman of the Management Board, Gazprom Neft
Gazprom Neft shareholders also confirmed the new Board of Directors, comprising 11 members, as well as considering a number of other matters on the AGM Agenda.