Transneft says to pay all 2016 net profit, 31 bln rbl in dividends

MOSCOW, Jul 18 (PRIME) -- The Federal State Property Management Agency, the owner of 100% voting shares in oil pipeline monopoly Transneft, has ordered it to pay 4,296 rubles per common and preferred share, or a total of 30.607 billion rubles in dividends for 2016, the company said in a statement on Tuesday.

The payment accounts for 100% of Transneft’s net profit for the year calculated under Russian Accounting Standards (RAS).

Previously, the company paid 12.801 billion rubles in dividends for 2015, which also accounted to 100% of the RAS net profit for the year.

In December 2016, the board of directors of Transneft approved a dividend policy that encompasses payment of 25% of the net profit of Transneft group of companies in dividends. In March 2017, the agency changed the charter of the company so that it has to pay the same dividends per preferred share as on common stock.

(59.0657 rubles – U.S. $1)

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