Petrom’s general shareholder meeting on Tuesday led to the shareholders agreeing on paying dividends 10 percent higher than last year, with a total value of RON 1,745 billion, representing 36 percent of the record profit of over EUR 1 billion registered by Petrom last year.
The company will pay a brute dividend of 0.038/per share, up from 0.028 / share in 2013. The last price registered for Petrom shares on the stock exchange on Monday was 0.443 lei, which means brute dividends currently have a value of 7 percent.
The general shareholder meeting approved the budget, which includes a net profit of RON 3.936 billion (down 19 percent on the year). Estimates see sales reaching RON 17.41 billion in 2014, 3 percent lower than the sales recorded in 2013 (RON 18.807 billion).
OMV Petrom planned a stop in activity and a general revision of 30 days for the Petrobrazi refinery, starting with the end of May. At the same time, the company is planning on investing over EUR 1 billion in the country, 85 percent of which will go into exploration and production.
The general shareholder meeting approved a new member in the Supervisory Council: Johann Leininger who will replace Jacobus Gerardus Hujiskes.