Russia’s Transneft board to discuss dividends in June

ODINTSOVO, Moscow Region, Jun 3 (PRIME) -- The board of directors of Russian oil pipeline monopoly Transneft will meet until the end of June to discuss the company’s dividends, CEO Nikolai Tokarev told PRIME Friday.

“(The meeting of the board of directors to discuss dividends) should be held until the end of June, we already have (a dividend ruling from the government). We will follow the ruling that was signed by the government,” he said.

The government has recently adjusted dividend payment rules for state companies obliging them to take the highest figure of a net profit for 2015 – under Russian Accounting Standards (RAS) or under International Financial Reporting Standards (IFRS) – and allocate no less than 50% of the net profit for dividends.

In late May, Economic Development Minister Alexei Ulyukayev said that the government’s directive for Transneft’s dividends for 2015 implies a payment of 100% of the RAS net profit.

Transneft’s RAS net profit rose 8.6% to 12.8 billion rubles in 2015, while net profit under IFRS soared to 143.427 billion rubles in 2015 from 60 billion rubles in 2014.

(66.7491 rubles – U.S. $1)

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