At Friday’s closing price, the dividend has a 10% yield.
OMV Petrom, which is 51% owned by Austria’s OMV and 20.6% by the Romanian state will be distributing, dividends totaling RON1.75 billion, of which Romania is entitled to RON362 million.
Despite Petrom’s net profit dropping 11% on the year in 2019 to RON3.6 billion, the company’s management proposed the shareholders a 15% higher gross dividend, compared to the dividend distributed in the previous year. The company will be paying 49% of its 2019 net profit as dividends.
The shareholders also approved the company’s 2020 budget. Petrom is expected to release first-quarter results on April 29.