Gazprom's First Half Net Profit Hits 55 Trillion Won, a Record High

[Photo by AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] Russian state-owned gas company Gazprom announced on the 30th (local time) that it achieved a record high net profit of 2.5 trillion rubles (approximately 55.35 trillion KRW) in the first half of this year.

Gazprom stated in a press release that despite Western sanctions pressure and an unfavorable external environment, it achieved record high sales and net profit in the first half of this year and also reduced its debt.

Gazprom said the board proposed an interim dividend payment of 51.03 rubles per common share, with the total dividend amount expected to be around 1.208 trillion rubles. The shareholders' meeting to approve the dividend payment plan is scheduled for September 30.

Earlier, Gazprom's board set the final dividend for the 2021 fiscal year at a record high of 52.53 rubles per share in May but canceled it in June. This was the first time Gazprom did not pay a final dividend since the Russian moratorium (debt payment suspension) occurred in 1998.

Gazprom stated it plans to maintain its dividend policy of paying at least 50% of adjusted net profit as dividends.

According to Bloomberg News, the Russian government holds a 49.34% stake in Gazprom.

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