Interfax reported that shareholders in Surgutneftegas at their annual general meeting on Friday approved 2011 dividends of RUB 0.6 per ordinary share and RUB 2.15 per preferred share.

For 2011 as a whole, the company could earmark RUB 38 billion for dividends compared to RUB 27 billion the year before an increase of 40%. The company posted net profit of RUB 233.157 billion last year. Therefore, it could set aside over 16% of net profit for dividends.

Surgutneftegas has not changed its dividend policy for a long time, nor does it plan to do so, the company chief Mr Bogdanov has said a number of times. Surgutneftegas pays some of the highest dividends in the oil industry at rough 20% of net profit.

Source - Interfax

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