The Board of Directors of Rusagro recommended not to pay dividends for 2022
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The board of directors of Rusagro, an agricultural producer, has recommended not paying dividends for 2022. Net profit for the last year amounted to 1.8 billion rubles.
“The net profit of PJSC Rusagro Group based on the results of 2022 in the amount of 1.079 billion rubles should be left at the disposal of the company, directed to development. Do not pay dividends on ordinary shares,” the company said in a statement posted on website Center for Disclosure of Corporate Information.
PJSC Rusagro Group is the founder of the agricultural holding Rusagro Group of Companies LLC. The shareholders of the latter at a meeting on March 31 recommended not to pay dividends for 2022. The net profit of the Rusagro group of companies under IFRS fell by 84% compared to 2021, to 6.787 billion rubles.
The dividend policy of Rusagro provides for the payment of dividends in the amount of at least 50% of net profit. Previously, the company paid them twice a year – based on the results of the first half of the year and the year. Interim dividends in 2021 amounted to $119.7 million, the final ones were not paid.
The London Stock Exchange in March 2022 suspended the trading of Ros Agro PLC receipts (the parent company of Rusagro, registered in Cyprus). In the summer, shareholders whose receipts were accounted for by NSD lost the opportunity to receive dividends and vote at the company’s shareholders’ meeting. Rusagro Group intends to leave the London Stock Exchange in 2023 and obtain a listing for global depositary receipts on the stock exchange of another country.
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