Ukrnafta distributes entire 2011-2013 profit in dividends

Ukrnafta distributes entire 2011-2013 profit in dividends



13 жовтня 2014 года
Конкорд Капитал

Укрнафта (UNAF)


Shareholders of Ukrainian oil giant Ukrnfata (UNAF UK), who on Oct. 10 gathered for the first time at an AGM since 2011, voted to distribute all the profit that the company generated in 2011-2013, or UAH 3,700 mln, in the form of dividends. This implies a UAH 70.06 in DPS and 19.6% dividend yield at the closing price on Oct. 10, when the stock advanced 18%. The ex-dividend date is October 21. The dividends will be repaid over six months after the AGM.



Shareholders also elected six new members of the supervisory board to represent the government (which has radically changed since 2011) while re-electing the same five board members representing Ukrnafta’s private shareholders. The company’s top management was not changed at the meeting.



Alexander Paraschiy: The dividend payout turned to be 1.5x higher than the government initially expected and was a positive surprise for the market. It seems that the high dividend payout was a result of compromise between the government (who holds a 50% stake in Ukrnafta, and thus has received hefty income to the budget from this vote) and Privat Group, who holds a 42% stake and is considered to control the company’s operations. The core question remains of just what did the government promise to the company’s private owners.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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