Petrom wants to pay special dividends that ensure a 10% return

OMV Petrom – the largest company on the Bucharest Stock Exchange, and whose profitability is directly proportional to the price of fuel, announced on Tuesday evening that it will offer shareholders a special dividend of 0.045 lei per share, equivalent to a yield of 10%, on fund of “sound financial position”. Thus, Petrom’s management will propose this dividend to the Supervisory Board on June 21, 2022 and subsequently, to the shareholders’ decision.

A special gross dividend of 0.045 lei means a distribution of about 2.6 billion lei. Petrom has already paid its shareholders a dividend of 0.0341 lei, or about 2 billion lei, which means that this year, if shareholders also approve special dividends, the company could pay investors about 4.6 billion lei.

Petrom has a capitalization of 26 billion lei and in Q1 / 2022 the net profit increased from 573 million lei in one year to 1.8 billion lei. Businesses rose from 4.9 billion lei to 11.9 billion lei. In Q1, the company had cash of 10.3 billion lei.

Petrom’s full press release:

The proposal of the Directorate regarding the distribution of special dividends

In accordance with the legal and statutory provisions, it is the responsibility of the Management Board to make recommendations to the shareholders regarding the distribution of the profit.

As announced in our 2030 Strategy, the company has the opportunity to distribute special dividends, provided that the company’s investment plans are funded.

Given the company’s solid financial position in terms of net cash position and profitability, the Management Board proposes to pay a special gross dividend of 0.0450 lei per share, which leads to a total special dividend value of 2,549 million she.

The special dividend proposal mentioned above will lead to a total dividend per share distributed this year of 0.0791 lei (including the basic dividend of 0.0341 lei approved by the Ordinary General Meeting of Shareholders of April 27), which leads at a total dividend yield of 15.9%. This special dividend will be subject to the approval of the Supervisory Board on June 21, 2022 and, subsequently, to the decision of the Ordinary General Meeting of Shareholders.

Details regarding the proposals regarding the Registration Date, which is used to identify the shareholders who will benefit from dividends, Ex-Date and Payment Date will be announced through the convening notice of the Ordinary General Meeting of Shareholders dedicated to approving special dividends, which are estimated to be published on June 21, 2022.

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