Petrom’s shareholders will give themselves dividends 10 percent higher than last year

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.

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