OMV Petrom proposes its shareholders a dividend worth a minimum 30% for this year, says a release sent to Bucharest Stock Exchange.

“OMV Petrom currently targets, subject to adverse developments in the external market, a proposed dividend from the 2016 net earnings of a minimum of 30% in the case it is fully covered by the Company’s free cash flows before dividends,” reads the release.

”The above should not be considered an amendment of the Company’s existing Dividend Policy, which will remain unchanged, but only a further detailing of the general principles with respect to 2016 only.”

Starting the 2017 financial year and beyond, unless otherwise approved, the general principles under the Company’s existing Dividend Policy will remain unchanged and applicable, as follows:

“OMV Petrom S.A. (the Company) is committed to deliver a competitive shareholder return through the business cycle, including paying an attractive dividend, subject always to maintaining a strong balance sheet that will enable the Company to finance its investment needs and to the shareholders’ approval.”

OMV Petrom recorded a consolidated net profit of EUR 26 million in the second quarter of this year, down by 83% compared to the same period of 2015. The group’s consolidated sales declined by 20% in the three months ended June 31, 2016, to EUR 807 million.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.