Romania’s Energy Ministry has asked the state-owned gas producer Romgaz to distribute RON 750 million (EUR 163.1 million) worth of special dividends.
The company’s Board of Directors will convene the General Shareholders Meeting to discuss this proposal. If approved, the gross dividend would reach RON 1.9 (EUR 0.4) per share, the equivalent of a 6.2% yield.
Romgaz has already distributed gross dividends of RON 3.82 (EUR 0.8) per share this year, representing some 90% of the net profit it made in 2016.
The natural gas producer recorded a net profit of RON 868 million (EUR 188.7 million) in the first six months of this year, up 41.1% year-on-year. In the second quarter of the year, the company’s net profit went up by 158% year-on-year.
The state holds a 70% stake in the company with the remaining 30% being held by private investors.