Cherkizovo board approves paying 50% of IFRS net profit in divs

MOSCOW, May 17 (PRIME) -- The board of directors of Russian meat producer Cherkizovo has approved a new dividend policy envisaging payment of at least 50% of the net profit under International Financial Reporting Standards (IFRS), the company said in a statement on Thursday.

The company paid 75.17 rubles per share, or 3.3 billion rubles, in 2017 dividends. The net profit under IFRS amounted to 5.8 billion rubles in the period.

In September 2017, the shareholders approved distribution of undistributed profit for 2014, 2015, 2016 and January–June 2017 and payment of 59.82 rubles per share, or a total of 2.63 billion rubles, in dividends.

Cherkizovo paid 13.65 rubles per share, or a total of 600 million rubles, in dividends for 2016.

Cherkizovo Group is controlled by the family of its founder Igor Babayev, an 8% stake is owned by Spain’s Grupo Fuertes.

(62.3033 rubles – U.S. $1)

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