Gazprom shares surge 30% on record profit, dividend promises

Shares of Russian gas giant Gazprom soared It surpassed 30% on Wednesday after the board recommended paying a dividend based on record net income in the first half of the year.

Gazprom state Said A day earlier, it set a record net profit of 2.5 trillion rubles ($41.36 billion) for the first half of the year “despite sanctions pressure and an unfavorable external environment.”

As a result, Gazprom’s Board of Directors recommended an interim dividend of RUB 1.2 trillion at RUB 51.03 ($0.85) per ordinary share.

Gazprom’s announcement sent the company’s shares up 30% after the stock market opened on Wednesday.

Dollar-denominated RTS Index and Ruble-denominated Moscow Exchange Rose 3.6% and 4.7% respectively.

Gazprom Cancel The June 2021 dividend will pay out a record RUB 1.24 trillion. The decision, the first time Gazprom has not paid a dividend since his 1998, slashed the company’s share price by 30%.

The company has posted higher profits in recent months despite the war in Ukraine and Western sanctions due to higher energy prices.

Gazprom shareholders plan to approve or reject the board’s proposal by the end of next month. Gazprom shares surge 30% on record profit, dividend promises

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