Romanian state-owned gas producer Romgaz has proposed cash distributions worth RON 1.92 billion (EUR 412 million) to its shareholders.

The company will distribute dividends worth RON 1.67 million, namely 89% of last year’s net profit, and another RON 250 million from the company’s cash reserves. The gross cash distributions thus amount to RON 4.99 er share, representing 12.9% of the current share price, of RON 36.7 (at Thursday’s closing). The sums will be paid starting July 27.

Romania’s Energy Ministry holds a 70% stake in Romgaz and will get EUR 288 million.

Romgaz recorded a net profit of RON 1.87 billion (EUR 400 million) in 2017, up by 82% versus 2016. The company has a market capitalization of over EUR 3 billion.

Romanian state-owned gas producer anticipates lower profit this year

editor@romania-insider.com