Shareholder’s meeting of Zarubezhneft JSC has confirmed the dividend rate for 2018
Shareholder’s meeting of Zarubezhneft JSC has confirmed the dividends 2018 in the amount of 5.9 billion rubles which is 32% higher than the last year.
Significant dividend growth is provided with the efficient results of Zarubezhneft Group of Companies: EBITDA has grown twice, reaching 36 billion rubles, the net profit growth has reached 30% (+2.7 billion rubles). Once again these results confirm the Company’s successful strategy implementation.
Meanwhile, the Company’s sustainable development provides additional budget revenue to the budget of the Russian Federation: total amount of taxes and other obligatory payments of the Group in 2018 (excluding dividends) has reached 56 billion rubles, which is 60% higher relative to 2017.
It must be noted that the Company was one of the first to transfer to the dividends payment on the basis of 50% of the profit, and for several years has been allocating dividends in this share of net profit. According to the terms of the Zarubezhneft JSC Dividend Policy, the net profit under IFRS in the amount of 11.8 billion rubles has been established as the base for calculating the dividends as of year-end 2018.