MOL shareholders okay HUF 127.5 per-share dividend

Deals

Shareholders of Hungarian oil and gas company MOL approved payment of a HUF 127.5 per-share dividend on last yearʼs earnings at an annual general meeting on Thursday.  The dividend fund comes to HUF 94.2 bln, state news agency MTI reported.

MOLʼs board continued its practice of raising the base dividend by 9% from the previous year, but also proposed sharing free cash flows with shareholders in the form of a 50% top-up.

The base dividend of HUF 85 plus the HUF 42.5 top-up adds up to HUF 127.5 per share, MTI noted.

Last year, MOL shareholders approved a HUF 625 per-share dividend from a HUF 58 bln dividend fund. Adjusted for the effect of an 8-for-1 share split last fall, that dividend would be about HUF 75 per share. 

The AGM also approved MOLʼs consolidated IFRS report, showing after-tax profit of HUF 316.4 bln, and the parent companyʼs report with after-tax profit of HUF 185.8 bln.

Changes ahead at Croatian unit

Speaking to journalists after the meeting, MOL Chairman-CEO Zsolt Hernádi said MOLʼs Croatian unit INA had achieved a condition that would allow it to start paying dividends again, financing its own capital expenditures and taking on bigger investments. MOL is also ready for INA to "start acting like its other units" and take the necessary steps to boost efficiency and catch up with the rest of the members of the group, he added.

MOL and the Croatian government are the biggest stakeholders in INA but have long been at odds over the companyʼs strategy. Croatian Prime Minister Andrej Plenković said late in 2016 that the government would buy out MOLʼs stake in INA, and the Croatian government this Tuesday picked a consortium to act as an investment consultant on the transaction.

Hernádi said MOL has not yet received any offer for its stake in INA.

Sándor Fasimon, COO of MOL Hungary, will be proposed as INAʼs new chairman, he added. MOL executive Zoltán Áldott has chaired INAʼs board since 2010.

ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.