LUKOIL may postpone payment of final dividends for 2021

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AK&M 16 May 2022 18:07

The Board of Directors of LUKOIL decided to postpone the payment of the final dividends for 2021, taking into account the unstable business conditions and restrictions in accounting and banking systems. This is stated in the company's message.

The Board of Directors recommended that shareholders keep the retained earnings of 2021 (with the exception of profits aimed at paying interim dividends). The issue of recommendations on the payment of final dividends from the company's retained earnings in 2021 will be considered by the Board of Directors no later than the end of 2022.

The Board of Directors decided to hold an annual meeting of shareholders in the form of absentee voting on June 21, 2022, as well as to convene a repeat annual meeting of shareholders on June 23, 2022, which will be held if the meeting does not take place due to the lack of a quorum. The date of determining the persons entitled to participate in the meeting and the repeat meeting is May 27, 2022.

PJSC LUKOIL (TIN 7708004767) is the second company in the Russian Federation in terms of oil production. The largest stake in the company is controlled by its management. 

LUKOIL's RAS net profit for the first half of 2021 increased by 33% to 145.56 billion rubles from 109.19 billion rubles a year earlier. Revenue increased 5 times to 910.36 billion rubles from 173.88 billion rubles, gross profit – almost 1.5 times to 241.55 billion rubles from 164.59 billion rubles, profit before tax – by 39% to 151.9 billion rubles from 109.3 billion rubles.

LUKOIL's net profit under IFRS for 2021 increased 50.9 times to 773.4 billion rubles from 15.2 billion rubles a year earlier. Sales revenue increased by 67% to 9.4 trillion rubles from 5.64 trillion rubles, EBITDA increased by 2 times to 1.4 trillion rubles from 687.1 billion rubles.