Relative to Wednesday’s trading prices at the Bucharest Stock Exchange, the dividend proposed has a yield of 7.7%.
” The Executive Board’s final proposal for the distribution of dividends for the financial year 2020 will be submitted for approval to the April 2021 Ordinary General Meeting of Shareholders after the approval by the Supervisory Board, following Audit Committee review,” per the stock market announcement.
Per data from Ziarul Financiar, this is the highest dividend, in terms of value, since 2011.
In 2020, the company paid out total dividends of RON1.74 billion.
OMV Petrom is 51% owned by Austria’s OMV and 20.6% held by the Romanian State, via the Ministry of Economy, Energy and Business Environment.
OMV Petrom Group ended 2020 with sales revenue of RON19.7 billion, down 23% versus 2019, following negative evolution of the commodity prices and lower sales volumes for petroleum products and electricity, and a net profit of RON1.29 billion, down 64% from 2019, according to the earnings report released Thursday.