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

 MTI – Econews
 Thursday, March 22, 2012, 12:55

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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