OMV Petrom to pay special dividends for third year in a row

Romanian oil and gas group OMV Petrom (BVB: SNP), controlled by the Austrian group OMV, will pay special dividends worth RON 1.87 bln (EUR 376 mln) to its shareholders at the beginning of September.

The gross dividend per share is RON 0.03 and represents 3.84% of the current share price of RON 0.781 (as of July 25).

This special dividend, which was approved in the General Shareholders Meeting on July 25, comes on top of the regular dividend for 2023 (RON 0.0413 per share) paid in June.

In each of the last three years, OMV Petrom has made two dividend payments to its shareholders, the regular one in June and a special one in September of October.

OMV Petrom’s Board cited the company’s financial strength in terms of net cash position and expected profitability. The group will report its results for the first half of 2024 next week, on July 31.

In the first quarter, the group posted a net profit of RON 1.4 bln, down 6% compared with the same period of 2023. Last year, the group’s net profit amounted to RON 4 bln.

OMV Petrom’s shares have gained 36% since the beginning of this year compared with a 20% increase for the BET index.

(Photo source: the company)