Russia's Gazprom made a net profit of 2.5 trillion rubles ($41.75 billion) in the first half of 2022, and the company's board of directors recommended the payment of interim dividends after failing to pay them last year for the first time since 1998.
According to Arabiya Net, Gazprom's dividend is a sensitive issue for the market, which was disappointed with the decision of the Russian government, the company's main shareholder, in June not to pay dividends for the 2021 results.
Gazprom said today that its board of directors has recommended the payment of 51.03 rubles ($0.8558) in common stock dividends for the first half of 2022, bringing the total dividend to 1.208 trillion rubles ($20.26 billion).
The board's decision must be approved by the shareholders, who are scheduled to hold an extraordinary general meeting on September 30.
Gazprom Executive Vice President Famil Sadygov said that the company intends to adhere to its dividend policy, which includes paying dividends for shares of at least 50% of the adjusted net profit.
In May, Gazprom's board of directors recommended a record dividend of 52.53 rubles per share for 2021, sparking a sharp rally in its shares. But less than a month later, Gazprom's shares plunged about 30% in one day after the government's decision not to pay a dividend.
Prior to the announcement of the dividend on Tuesday, Gazprom shares ended the trading session on the Moscow Stock Exchange 7.4% higher at 204 rubles per share, the highest level since July 6.
