OMV Petrom Group (BVB: SNP) reported a net profit of RON 4.2 billion for 2024, up 4% from RON 4 billion the previous year, according to preliminary unaudited consolidated data announced by the company on February 4. Sales revenue decreased by 8% y/y, to RON 35.8 billion (EUR 7.1 billion).

CCA operating result, excluding special items, was RON 5.7 billion, down 32% y/y, on the back of lower commodity prices and the negative impact of the regulatory environment on the gas and power business. 

"In 2024, operating profit at current supply costs excluding special items decreased to RON 5.7 billion li, in an environment with lower prices and negatively affected by the regulatory changes introduced for natural gas and electricity, which led to a negative result for the Gas and Power activity in the second and fourth quarters of last year," said Christina Verchere, CEO of OMV Petrom.

Hydrocarbon production was above plan, with the smallest decline in the last 7 years, and the refinery and power plant operated at high capacity, she also said.

According to the company, investments increased by 52% compared to the previous year, reaching RON 7.2 billion (compared to RON 4.7 billion in 2023), for the development of the Neptun Deep project, renewable energy projects, and for the expansion of the electro-mobility network. 

The Executive Board of OMV Petrom proposes a gross base dividend of RON 0.0444 per share for the 2024 financial year, which is a 7.5% year-on-year increase, at the middle of the 5-10% range stated in the dividend guidance. The gross dividend would thus reach RON 2.77 billion (EUR 557 million), or 66% of the net profit.

The gross base dividend proposal results in a dividend yield of 6.1% based on OMV Petrom's share price as of February 4.

During 2024, the gross base dividend was RON 0.0413 per share paid in June 2024 (9.8 % dividend yield), and a special dividend of RON 0.0300 per share paid in September, translating into a total dividend of RON 0.0413 per share. 

OMV Petrom's capitalisation reached RON 45.3 billion (over EUR 9 billion) on February 4, after the price of its shares rose by 23.9% y/y.

iulian@romania-insider.com

(Photo source: Flickr/OMV Petrom)