Russia’s metals giant Norilsk Nickel has recommended a 2011 dividend payment of 196 rubles a share, up 8.9 percent on the 2010 payout, the company said on Thursday.
“The Company’s Board of Directors recommended the Annual General Meeting of Shareholders of Norilsk Nickel approve a dividend payment of 196 rubles per each ordinary share, based on the results of its operations in 2011,” the company said in a statement.
Shareholders will vote on the payment at the annual shareholder meeting scheduled for June 29.
In 2010, Norilsk Nickel paid dividends of 180 rubles per share, 14 percent below the 2009 level.
Under the company’s dividend policy approved by the board of directors in 2002, the metals giant seeks to channel about 20-25 percent of its IFRS net profit to annual dividend payments.
Norilsk Nickel has an issued share capital of 190,627,747 registered ordinary shares with a par value of 1 ruble per share. Therefore, 2011 dividend payments may amount to almost 37.4 billion rubles ($1.2 billion).
In April 2012, Norilsk Nickel CEO Vladimir Strzhalkovsky confirmed the company expected an IFRS net profit of $5 billion for 2011.