ALROSA To Pay 50% of 2016 Net Profit as Dividend (+ $1 billion)

Finance and Trade
30/06/2017 11:48

At its Annual General Meeting of Shareholders, Russian diamond miner PJSC ALROSA approved the company’s annual report and financial statements and recommended a total dividend to be paid of $1.1 billion (RUB 65.769 billion) or $0.15 (RUB 8.93) per ordinary share of 50 kopecks par value ($0.008). According to the IFRS Consolidated Financial Statements of ALROSA and its subsidiaries, in 2016 the net profit (less profit attributable to non-controlling interest) amounted to $2.21 billion (RUB 131.391 billion). Fifty percent of this amount will be paid as dividend. The record date for the shareholders with dividend rights is July 20, 2017. The 2016 year-end dividend is four times the amount ALROSA paid in 2015, which was $259 million (RUB 15.392) billion or $0.035 (RUB 2.09) per ordinary share of 50 kopecks par value.

It has also been announced that Andrey Polyakov, Vice-President of ALROSA, will leave the company in the near future, according to Russian news outlet RBC. The decision was agreed with ALROSA's President, the company’s spokesperson told RBC. ALROSA President Sergey Ivanov said that "during the 13 years at ALROSA, Andrey has done much not only for the company, but also for the development of cooperation between major players of the international diamond market." He added that he accepted Polyakov's request "to continue his career outside the company," since all of the most important tasks and projects he was working on in recent years have been successfully accomplished and implemented. "ALROSA is grateful to Andrey Polyakov for his contribution to the development of the company. I am confident that his knowledge and experience will be in demand in other major projects, which he plans to deal with," Ivanov said in the company's statement.