Page 145 - RusRPTJun24

2023 will be 59.78 rubles per share, which corresponds to 10.3% dividend yield.
On May 27), the Bashneft board of directors recommended dividends for 2023 in the amount of 249.69 rubles per ordinary and preferred share. The recommendation is in line with dividend policy and our expectations. Thus, the dividend yield for 2023 is 8.5% per common share and 11.4% per preferred share.
The board of gold and silver miner Polymetal recommended not to pay dividends for 2023, which is in line with the company’s earlier announcement. The new dividend policy will be presented on June 11. The board also proposed to change the company's name to Solidcore Resources plc, a decision to be approved by shareholders. As covered by bne IntelliNews, earlier this year Polymetal completed the sale of its Russian business to Mangazeya Plus (part of Sergey Yanchukov's Mangazeya Mining) in a $3.7bn deal. The company posted 40% growth in its bottom line to $615mn for 2023. Previous reports suggested that Polymetal might be looking to buy two to three major existing mining assets in the advanced development stage. As a reminder, the majority of Polymetal shares are in free float, the largest shareholder until recently was the IST group of Alexander Nesis and partners (24%). At the end of January, Nesis and his group withdrew from the capital, selling its stake to an Omani state fund structure representing the interests of a consortium of investors.
On May 24 the board of directors of Rosseti of the Moscow region recommended that shareholders pay dividends for 2023 in the amount of 0.143 rubles. per share (dividend yield 10.6%). In total, the company can allocate about 6.96bn rubles for dividends. (26.5% of net profit under IFRS for the year). If approved by shareholders, the 2023 dividend could be 47.4% higher than the combined 2022 dividend. The company's annual meeting of shareholders will be held on June 21, and the dividend cutoff is set for July 5, 2024.
May 24 Sovcomflot published IFRS results for 1Q24. Revenue on a time
charter equivalent basis fell 4.3% QoQ to $459 million despite rising global average freight rates. This result is likely due to the highly contracted fleet, which reduces the sensitivity of revenue to changes in rates, and operational restrictions due to sanctions. EBITDA increased by 0.5% QoQ to $334 million. The company confirmed its intentions to pay 50% of adjusted net profit under IFRS in dividends for last year. Thus, the final dividend for 2023 may be 11.27 rubles. per share (dividend yield 8.6%). The company's board of directors will consider the dividend recommendation at its meeting on May 29.
On May 23, Norilsk Nickel's board of directors recommended not paying final dividends for 2023. Commenting on the decision, the company reports that dividends paid in January 2024 for 9M23 exceeded the 2023 cash flow available for distribution to shareholders; The company does not consider it advisable to raise debt to pay dividends. Interim dividends for 9M23 amounted to RUB 915.33 per share. Thus, the dividend yield for 2023 at the closing price on May 22 is about 6%.
145 RUSSIA Country Report June 2024 www.intellinews.com