MOL board puts profits into retained earnings
The board of Hungarian oil and gas company MOL decided to put all of last yearʼs profit into retained earnings, according to a report by state news wire MTI.
The board was empowered to take the decision, as well as others on the agenda of an annual general meeting, by a government decree allowing the boards of listed companies to approve AGM proposals because of a ban on gatherings due to the coronavirus pandemic.
MOL said earlier in April that its board is proposing placing all of last yearʼs profit into retained earnings, in line with short-term efforts focusing on cash preservation and retaining maximum flexibility.
"Once the situation normalizes and circumstances allow for it, these retained earnings may be used for cash dividend distribution upon the decision of shareholders," MOL said at the time.
MOL had consolidated net profit of HUF 228.4 billion last year, the annual report approved by the board on Thursday shows.
MOL also issued a mandate on Thursday to buy treasury shares up to 25% of share capital over a period of 18 months.
The state of Hungary owns a 15.24% stake in MOL. The foundation of Corvinus University of Budapest holds another 10%.
ÁKK Sells HUF 82.5 bln of Bonds at Auction, Above Plan
EC Puts Hungary 2024 GDP Growth at 2.4%
HU-rizon Program: HUF 8 bln Funding for International Resear...
Marcelito Pomoy to Perform in Budapest Next Week
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
