The proposal will be submitted for approval to the Ordinary General Meeting of Shareholders convened on April 24/25, 2024.
“The Executive Board’s proposal for distribution of dividends for the financial year 2023, the same as the one announced on February 1, 2024, namely a gross dividend of RON 0.0413/share, was approved by the Supervisory Board on March 15, 2024 and will be submitted for approval to the Ordinary General Meeting of Shareholders convened on April 24/25, 2024. This dividend implies a 10% year on year increase, at the high end of the 5-10% range stated in the dividend guidance,” as per a stock market report released Friday (March 15).
Relative to the current trading prices of RON0.642 per share, SNP’s dividend proposal translates into a 6.4% yield.
“The proposed Record Date, which serves to the identification of the shareholders who are to benefit from dividends is May 15, 2024, the proposed “Ex-Date” is May 14, 2024, while the proposed Payment Date is June 5, 2024. The Executive Board of OMV Petrom S.A. announced its intention to propose a special dividend in 2024. The potential special dividend will be subject to a future Ordinary General Meeting of Shareholders,” the report also shows.
OMV Petrom (stock symbol: SNP), the largest oil company in Romania, in which the Romanian State owns 20.7%, has a market capitalization of RON40 billion, in line with data analyzed by Ziarul Financiar (ZF) daily.
OMV Petrom reported sales revenues worth RON38.8 billion for 2023, 37% lower than in 2022, on falling commodity prices and sales volumes of electricity, only partially offset by rising sales of natural gas. Net profit reached RON4 billion, against RON10.3 billion in the previous year, in line with the company’s financial report. SNP shares have gained 11.8% so far in 2024, amid deals worth RON331 million.
Austria’s OMV Group is Petrom’s largest shareholder, with an ownership stake of 51.15%, while the Romanian State holds a 20.7% stake. The company’s shareholding structure also includes 8 million Romanian employees in the context in which mandatory private pension funds in Romania (Pillar II) holds roughly 14% of Petrom’s share capital.