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Gazprom falls on the stock market, the group gives up paying a dividend | Photo credits: © Gazprom
June 30 (Reuters) – Gazprom, the Russian natural gas giant, announced on Friday that it would not distribute any dividends on profits made last year, the highest level for 24 years, which caused a fall in its share price.
“Shareholders have decided that in the current situation it is not advisable to pay dividends on 2021 results,” said deputy chief executive Famil Sadigov.
He added that Gazprom would focus, among other things, on preparations for the winter season and the payment of rising taxes.
On the Moscow Stock Exchange, Gazprom shares lost more than 29% at the end of the session after this announcement, which cancels the recommendation by the board of directors of a dividend of 52.53 rubles per share, which would have been the most important in the history of the group.
“It is a disaster for Gazprom shares because dividends were the only attraction of the company. This decision is partly linked to the desire of the Ministry of Finance to increase (..) tax revenues” commented the analysts of Tinkoff Investments.
Russian deputies approved a bill on Thursday which should result in an exceptional increase of 1,200 billion rubles (nearly 22 billion euros) in taxes and duties paid by Gazprom over the September-November period.
In its press release, the gas group does not mention either the desire of the G7 countries to cap Russian gas prices or the reduction in gas flows delivered to Western European countries, two factors which threaten to reduce its turnover. business and the tax revenue it provides to the Russian state.
(Reuters report, French version Marc Angrand)