Tatneft allocates more than 90 billion rubles for dividends

As it became known to Realnoe Vremya, Tatneft PJSC, following the results of 9 months of 2022, has allocated 91,961 billion rubles for dividends on ordinary and preferred shares — this is exactly half of the company's net profit for the specified period.

Payments on ordinary shares for three months amounted to almost 15 billion rubles

Thus, Tatneft paid 86,149 billion rubles for ordinary shares: 78,346 billion to nominal holders, 7,803 billion to shareholders registered in the register. The amount includes dividends already paid for six months in the amount of 71,214 billion rubles (64,771 billion to nominal holders and 6,443 billion to shareholders).

It is specified that according to the results of January-September, 39 rubles 57 kopecks or 3,957% of the nominal value will be paid for each ordinary share, and there are 2,1 billion of them, including 31 rubles 71 kopecks for the first six months of 2022. That is, for three months the dividends amounted to 14,936 billion rubles, or 6 rubles 86 kopecks per share.

As for preferred shares — there are 146,8 thousand of them, payments for 9 months will amount to 5,811 billion rubles (4,548 billion to nominal holders and 1,263 billion to shareholders), including 4,804 billion rubles from January to June (3,759 billion to nominal holders and 1,044 billion to shareholders). The amount of dividends here is the same as for ordinary shares. Thus, in July-September, payments amounted to 1,007 billion rubles.

Payments on both types of shares to the nominee holder ended on January 24, and to shareholders — just recently.

Net profit has grown — and dividends with it

Half of the net profit for 9 months of 2022 will be allocated for the payment of dividends — according to RAS (Russian accounting standards), it increased by 49%, to 184,09 billion rubles. Revenue increased by 30%, to 997,5 billion rubles, and cost — by 18%, to 648,9 billion rubles.

Compared to the same period in 2021, the amount of dividends increased by 30 billion rubles. According to the calculations of Interfax, then 61,6 billion rubles were allocated to them — 50% of the net profit under RAS for 9 months, which amounted to 123,3 billion rubles.

Photo: realnoevremya.ru/Elizaveta Punsheva

Now, according to the dividend policy, Tatneft allocates at least 50% of net profit under RAS or IFRS for payments. Previously, 100% of net profit was allocated for dividends. Let us remind that for 9 months of 2019, dividends amounted to 64,47 rubles per preferred and ordinary share, which together makes up the entire net profit of the company according to RAS for the specified period (150 billion rubles).

“We recommend buying it as a long-term investment”

Analysts of Promsvyazbank, commenting on the dividend policy of Tatneft, said that the company as a whole went through the year 2022 well due to resistance to sanctions pressure.

“The financial results were presented according to RAS: against the background of the growth of operating indicators and high oil prices, they turned out to be quite strong, which allowed us to share profits with shareholders by distributing dividends for 6 and 9 months," they reported there.

Among the risks for 2023, experts note a possible decline in oil prices and the fall under sanctions of the Druzhba oil pipeline, through which 90% of Tatneft's exports go.

“Tatneft's shares have been under pressure since November 2022, and we believe that they have already been sufficiently oversold. Given their cheapness relative to “competitors” in the sector, as well as still less vulnerability to sanctions pressure, we recommend buying as a long-term investment. Moreover, we consider ordinary shares, which are now cheaper than preferred ones, to be more interesting, which is not the norm," the analysts concluded.

Daria Pinegina