MOSCOW, Feb 13 (PRIME) -- Russian oil company Gazprom Neft will start paying at least 50% of the net profit calculated under International Financial Reporting Standards (IFRS) in dividends from 2020, Deputy CEO for Economy and Finance Alexei Yankevich said on Thursday during Gazprom’s investor day.
“It is nice to announce that we as a holding company, part of the Gazprom group, will follow the decisions of Gazprom in switching to the payout to 50% starting from 2020. So, all dividend decisions for this year will be made assuming the 50% threshold,” he said.
Gazprom Deputy CEO Famil Sadygov said that dividends of companies in which Gazprom owns 100% will amount to 100% of IFRS net profit, and dividends of companies where Gazprom owns less than 100% will start at 50% of the net profit.
Gazprom owns 95.68% of Gazprom Neft’s shareholder equity, while free-float accounts for the remaining 4.32%.
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