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revenue dropped to RUB8.541 trillion ($93bn) in 2023 from RUB11.673 trillion ($145.61bn) in 2022. Additionally, Gazprom’s net debt/EBITDA ratio increased to RUB2.96 from RUB1.07 at the end of 2022. Gazprom's gas production fell nearly 14% to 355.23bn cubic metres in 2023, compared to 412.6bn cubic metres in 2022 and 514.8bn cubic metres in 2021. The decline in production and financial performance reflects the broader challenges facing the company amid ongoing market and geopolitical pressures.
Gazprom Neft's annual general meeting of shareholders has approved the board of directors' recommendation to distribute final dividends for 2023 amounting to 19.49 rubles per share, the company announced. With the inclusion of the nine-month payout, the total dividend for the year will reach a record 102.43 rubles per share. For the first nine months of 2023, Gazprom Neft paid dividends of 82.94 rubles per share. Gazprom is the principal shareholder of Gazprom Neft, holding 95.68% of the oil company, while the remaining 4.32% of ordinary shares are owned by minority shareholders, including individuals and legal entities. The significant dividend reflects Gazprom Neft’s robust financial performance amid challenging market conditions and underscores the company's commitment to delivering value to its shareholders.
On May 29), the board of directors of Sovcomflot proposed to the company’s shareholders to pay the final dividend for 2023 at the level of 11.27 rubles. per share (dividend yield 8.9%). In total, the company can allocate RUB 26.77 billion for payments, which, together with the interim dividend for 9M23, amounts to 50% of the annual adjusted net profit under IFRS.
Shareholders of Russneft have approved a dividend payment of $100mn on preferred shares for the year 2023, the company announced following its annual meeting. The dividend payments per preferred share will amount to $1.02, with the record date for determining eligible shareholders set for July 16. However, the company has decided not to pay any dividends on ordinary shares for 2023, continuing the trend from the previous year. In 2022, Russneft paid dividends of $110mn on preferred shares, equating to $1.12 per share, while no dividends were issued for ordinary shares. This decision reflects Russneft’s strategic focus on maintaining financial stability and prioritising preferred shareholders amidst ongoing market challenges.
Shareholders of Polyus, one of the world's largest gold mining companies, have decided not to pay dividends for 2023, the company announced. In addition to the decision on dividends, shareholders elected the company's Board of Directors, although the composition of the board has not been disclosed. This marks the second consecutive year Polyus has refrained from paying dividends. In 2022, shareholders decided against dividends after the Board of Directors withdrew its previous recommendation of 436.79 rubles ($4.84) per share. According to Polyus's dividend policy, the company allocates at least 30% of EBITDA for dividends, provided the net debt to EBITDA ratio does not exceed 2.5x. Despite this, the decision to forego dividends came in a year where the gold miner's adjusted net profit under International Financial Reporting Standards (IFRS) rose by 59% compared to 2022, reaching $2.41bn. Polyus, the world's second-largest gold mining company by gold reserves, and one of the top five producers globally, operates
131 RUSSIA Country Report July 2024 www.intellinews.com