Romgaz to send 163 million Euro in dividends to the Romanian state budget
2016-04-10 11:43:40 - From the Print Edition
In late March, Romgaz, the largest local producer of natural gas, decided to distribute over 224 million Euro (one billion RON) in gross dividends, from which the Romanian state, as shareholder, will receive 163 million Euro (728 million RON) at a market capitalization of over 2.24 billion Euro (ten billion RON). The second largest shareholder, Fondul Proprietatea, with a participation of 5.8 per cent, will receive almost 13.4 million Euro (60 million RON). According to Energy Economics, the total amount represents a gain of 0.6 Euro (2.7 RON) per share, showing an upturn of ten per cent. On average, a bank deposit last year had an interest rate of 1.3 per cent, which means that Romgaz stock is 7.7 times more profitable than earnings from deposits. Last year, Romgaz profit decreased by 16 per cent compared to 2014 to over 265.46 million Euro (1.18 billion RON), while turnover fell by 9.8 per cent, to over 911.13 million Euro (4.05 billion RON). The decrease was caused by ten per cent lower natural gas quantities delivered to a total of 5.125 billion cubic meters, due to reduced consumer demand.
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