Russian gas giant Gazprom’s shares skyrocketed more than 30%
After its board recommended paying dividends on record net profits in the first half of this year.
State-owned Gazprom said the day before that it made a record 2.5 trillion rubles ($41.44 billion) in net profit in the first six months of this year “despite sanctions pressure and an unfavorable external environment.”
Tweet on the latest from the Gazprom record profit
Gazprom shares soar on record profit!
Russian gas giant Gazprom’s shares skyrocketed more than 30% after its board recommended paying dividends on record net profits in the first half of this year.
State-owned Gazprom made a record 2.5 trillion rubles ($41.36 billion) @WSJ finds pic.twitter.com/XQiB4ZiedZ
— The_Journalbiz (@the_journalbiz) September 1, 2022
As a result,
Gazprom’s board of directors recommended paying 1.2 trillion rubles at 51.03 rubles ($0.85) per ordinary share in interim dividends.
Gazprom’s announcement saw its shares rise 30% after the stock market opened Wednesday.
- The dollar-denominated RTS index and ruble-denominated Moscow Exchange rose by 3.6% and 4.7%, respectively.
Gazprom canceled a would-be record 1.24-trillion-ruble payout on 2021 dividends in June. That decision, the first time Gazprom had not paid dividends since 1998, dropped the company’s shares 30%.
The company has seen higher profits in recent months, despite the war in Ukraine and Western sanctions, mainly because of soaring energy prices.