At their annual general meeting, shareholders of the Russian gas company "Gazprom" decided that they would not declare and pay dividends for 2024. Earlier, the company's board of directors made a similar recommendation, the holding company said in a statement. Russian Finance Minister Anton Siluanov also said that dividends from "Gazprom" are not planned for 2025. in the federal budget.
Gazprom received a net profit attributable to the company's shareholders of 1.219 trillion rubles for 2024, compared to a loss of 629 billion rubles a year earlier. Net profit adjusted for non-cash items amounted to 1.433 trillion rubles, which is twice as high as the indicator for 2023. At the same time, the level of Gazprom's debt burden at the end of 2024 in terms of net debt/EBITDA decreased to 1.8 from 2.8 in 2023. According to the current dividend policy, Gazprom's board of directors has the right to change the dividend payment if the debt burden exceeds 2.5.
Gazprom's gas production in 2024 amounted to 416.2 billion cubic meters compared to 355.2 billion cubic meters in 2023. In 2022, the figure reached 412.6 billion cubic meters, and in 2021 - 514.8 billion cubic meters. Deliveries to China via the “Power of Siberia“ gas pipeline in 2024 amounted to 31.12 billion cubic meters of natural gas, which is 36.9% more than in 2023. “Gazprom“ also increased gas supplies to Uzbekistan 4.4 times last year, to 5.64 billion cubic meters.
The previous meeting of shareholders of “Gazprom“ was held based on the results of 2023 and took place on June 28, 2024. It was decided not to declare and pay dividends for 2023. The last time „Gazprom“ paid dividends was for the first half of 2022.
„Gazprom“'s dividend policy, approved by the company's board of directors at the end of 2019, provides for a gradual increase in the share of adjusted net profit under IFRS allocated for dividend payments from 30% in 2019 to 50% in 2021 and subsequent years. However, Gazprom has already managed to achieve the target indicator of distributing 50% of adjusted net profit under IFRS for dividends in 2020.
Gazprom's share capital consists of approximately 23.674 billion ordinary shares. Rosimushchestvo owns 38.37% of Gazprom's shares, state-owned Rosneftegaz owns 20.37% of Gazprom's shares, and 10.97%, "Rosgazifikat" - 0.89%.