MMK to pay RUB 6.78 billion in 6-month dividends

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AK&M 16 September 2020 23:42

MMK shareholders has decided to pay RUB 0.61 per security in dividends for 6 months of 2020. The total amount of dividends is RUB 6.78 billion. The record date for the dividends is September 23, the company informed.

PJSC Magnitogorsk Iron & Steel Works (MMK, tax number: 7414003633) is among the largest world steel manufacturers leading in Russia's iron and steel industry. The company's assets in Russia are a large iron and steel complex that encompasses the entire production chain from preparation of iron ore to advanced processing of rolled steel. MMK produces a great variety of metal products; its output is dominated by high-level-processed goods with the greatest added value.

As of March 31, 2018, Minta Holding Limited was the company's principal shareholder (84.26% of the authorized capital). Minta Holding Limited is beneficially owned by Viktor Rashnikov, Chairman of the MMK Board of Directors.

MMK's 12-month IFRS profit for 2019 decreased by 28% to $768 million from $1.072 billion a year earlier. Revenue decreased by 6.5% to $5.844 billion from $6.252 billion, gross profit by 21.5% to $1.654 billion from $2.108 billion.

IFRS profit of MMK for Q1 2020 dropped by 41.8% to $131 million from $225 million a year earlier. Revenue decreased by 5.9% to $1.71 billion from $1.836 billion. EBITDA went up 0.5% to $442 million from $440 million.