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MOL board to propose payment of HUF 45 bln dividend on 2011 profit

Telco

The board of Hungarian oil and gas company MOL decided on Wednesday to propose to shareholders payment of a HUF 45 billion dividend on 2011 profits at an annual general meeting on April 26.

MOL last paid a dividend on 2007 profits.

The proposed dividend is in line with MOL's earlier announced policy of paying shareholders 40% of earnings, excluding one-off effects.

The dividend works out to HUF 460 per share, Erste Befektetési chief analyst József Miró told MTI. He added that analysts had expected the company to pay a HUF 706-per-share dividend.

MOL had consolidated net profit of HUF 152.1 billion in 2011.

The company paid an HUF 85 billion dividend -- HUF 780 per share -- on 2007 profit of HUF 217 billion.

The board will propose re-electing CEO József Molnár to the board of directors. His mandate expires on October 11, 2012. If re-elected, his new mandate would run until May 31, 2017.

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