“Based on the 2018 preliminary results and strong free cash flow, the Executive Board of OMV Petrom S.A. proposes a gross dividend of RON0.0270/share for the 2018 financial year,” the company said in a press statement on Wednesday.
This initial proposal observes the current dividend policy, as published on the OMV Petrom S.A.’s corporate website.
“The Executive Board’s final proposal for the distribution of dividends for the financial year 2018, to be submitted for approval to the April 2019 Ordinary General Meeting of Shareholders, will be subject to the approval by the Supervisory Board and will be communicated on the occasion of the convening of the above mentioned Ordinary General Meeting of Shareholders”, said OMV Petrom CEO Christina Verchere.
OMV Petrom on Wednesday said its consolidated sales for 2018 amounted to RON22.523 billion, up 16% compared to 2017, driven by higher commodity prices and electricity sales volumes, partially offset by lower sales volumes of natural gas and petroleum products. It also said the net income attributable to stockholders was RON4.078 billion in 2018, up 64% from RON2.491 billion in 2017.
These are the first annual results announced by the company since the change of management in 2018. Christina Verchere currently holds the position of Chief Executive Officer.