MOL shareholders approve HUF 46 bln dividend

Telco

Shareholders of oil and gas company MOL approved a proposal to pay a HUF 46 billion dividend on 2012 profit at an annual general meeting on Thursday. The dividend, which works out to about HUF 460 per share, is 25% of net profit excluding one-off factors. Dividend on treasury shares will be distributed among all other shareholders in proportion to their stakes. MOL's net income came to HUF 55.2 billion in 2012, according to the parent company's report, prepared with Hungarian Accounting Standards. MOL shareholders approved payment of a HUF 45 billion dividend, or about HUF 460 per share, on 2011 profits. Net income came to HUF 104.9 billion that year. MOL paid no dividend in the preceding three years because of the acquisition of a stake in Croatian peer INA and because of the global financial crisis. Chairman-CEO Zsolt Hernádi told shareholders on Thursday that the management was committed to paying dividend in future, too, but added that preserving financial stability would remain a priority. Shareholders with 60.61% of voting rights were present at the AGM.

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