VARIOGANNEFT MAY PAY DIVIDENDS ON PREFERENCE SHARES FOR 2016
Khanty-Mansiysk. The Board of Directors of RussNeft`s subsidiary OAO Varioganneft has scheduled the AGM on June 20, 2017 and recommended shareholders to pay out RUB 15.617 million as dividends for 2016, as stated in the information materials provided by the Company.
Board of Directors recommended shareholders dividends at RUB 2.35 per preference share and no dividend payment for ordinary shares.
The report notes that net profit of the Company for 2016 amounted to RUB 1,559.702 million. Therefore the Company may allocate only 1% of its net profit for dividend payout. The Board of Directors recommends that the rest 99% of the profit are not to be distributed.
Following the results of 2015, the Company made dividend payments at RUB 0.93 per a preference share, having distributed the same 1% of the net profit (RUB 6.206 million out of RUB 615.055 million).
As was announced earlier, OAO Varioganneft had pushed up oil production by 11% in 2016 as compared with 2015, to 2.375 million tons of crude. APG production increased by 38% to 1,636 million cubic metres in 2016.