The Supervisory Board of Rusal recommended not to pay dividends for 9 months of 2023
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Board of Directors of Rusala (MOEX: RUAL) recommended refusing to pay dividends for nine months of this year. This follows from messages press service of the company, published on the Hong Kong Stock Exchange.
Against the background of this message, Rusal shares during trading on the Moscow Exchange (MOEX: MOEX) fell by 2% to RUB 39.26. for paper. The shareholders meeting, at which the final decision on the dividend payment recommendation will be made, will be held on December 11.
“In conditions of unfavorable conditions and growing risks in export markets, the decision to pay dividends will lead to a decrease in the financial stability of the company and complicate the implementation of investment plans in 2024,” said a representative of Rusal, as quoted by Interfax.
In 2022, Rusal paid interim dividends for the first half of the year totaling $302 million. The company decided not to pay final dividends for last year.
October 13 “Rusal” reported, which is difficult to maintain sustainability in the global market, including due to the refusal to purchase aluminum by Novelis Europe in 2024. From January to September 2023, the company’s enterprises reduced aluminum exports to 2.29 million tons, or by 4.8%. Rusal’s adjusted net profit for the first half of 2023 decreased by 54.3% and amounted to $315 million.
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