MOSCOW (Reuters) – Gazprom (MCX: GAZP), a Russian gas company, has decided not to pay dividends on last year’s earnings. This is the first time since 1998 that it hasn’t done so, and its shares fell 24% as a result.
“The shareholders decided that it is not a good idea to pay dividends based on the results of 2021 at this time,” said Famil Sadygov, the company’s deputy CEO.
“Right now, Gazprom’s top priorities are putting its investment programme into action and gasifying regions in Russia,” he said.
Gazprom’s shares dropped by 24 percent after the decision, which went against a board recommendation to pay a dividend of 52.53 roubles per share. This would have been the company’s biggest payout.
