Gazprom recorded a record net profit of 2.5 trillion rubles (USD 41.75 billion) in the first half of 2022, and its Board of Directors recommended the distribution of interim dividends, reports Reuters.

At the Annual General Meeting in July, Gazprom shareholders voted against granting dividends worth 1,240 billion rubles for 2021, considering that their payment would not be a reasonable move in the current context. It was the first time since 1998 that Gazprom did not distribute dividends.

“Despite the pressure of sanctions and the unfavorable external environment, Gazprom Group reported record revenues and profits in the first half of 2022, while minimizing its net debt and leverage.” After the adjustments, the basis for the payment of dividends reached 2,400 billion rubles, announced Famil Sadygov, deputy head of Gazprom, according to Agerpres.

The Gazprom Board has recommended for the first half of 2022 the distribution of dividends of 51.03 rubles (USD 0.8558) per ordinary share, so that the total value of dividends reaches 1,208 billion rubles (USD 20.26 billion).

And the shareholders must decide on the payment of dividends. The Extraordinary General Assembly is scheduled for September 30.

Sadygov also said that Gazprom plans to continue its dividend policy, which aims to pay at least 50% of adjusted net profit as dividends.

Gazprom said this month that European gas prices could rise by 60% this winter to more than USD 4,000 per 1,000 cubic meters as the Russian state-owned company’s exports and production continue to fall under Western sanctions.