Northern, Central Iron Ore approve dividends

Northern Iron Ore (UX: SGOK UK) and Central Iron Ore (UX: CGOK UK), both part of Metinvest holding, approved dividends of UAH 1.39 per share and UAH 1.27 per share, at AGMs on March 25, according to Interfax this morning. The ex-dividend date was March 24. Total payouts will amount to UAH 3.2 mln for Northern Iron Ore and UAH 1.5 bln for Central Iron Ore. The companies reported net income of UAH 2.6 bln (up 2.1x y-o-y) and UAH 1.3 bln (up 4.9x y-o-y), respectively. The announcement is in line with our expectations (see our flash note on Northern Iron Ore from March 22).