Energy Minister: Dividends recommended by Gazprom board optimal

MOSCOW, May 18 (PRIME) -- Dividends for 2016, recommended by gas giant Gazprom’s board of directors, equal 88% of International Financial Reporting Standards (IFRS) net profit, excluding operations unsupported by cash flow, and are appropriate for the company and owners considering a larger tax burden and huge investment, Energy Minister Alexander Novak, a member of Gazprom’s board, said on Thursday.

The board of directors recommended paying 8.0397 rubles per share, or a total of 190.3 billion rubles or 20% of the IFRS net profit, in dividends for 2016. Gazprom’s IFRS net profit amounted to 951.637 billion rubles and Russian Accounting Standards (RAS) net profit totaled 411.424 billion rubles in 2016.

(56.7383 rubles – U.S. $1)

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