Ukrnafta February 25 AGM could approve UAH 4.89 per share dividend for 2009

Ukrnafta’s (UX: UNAF UK) shareholders will vote on the distribution of 70% of its 2009 profit amounting to UAH 265 mln (USD 33 mln) at an AGM scheduled for February 25, 2010, Interfax reported yesterday, citing an AGM agenda distributed by the company. The other 30% in 2009 profits were already transferred to the state in June 2010 in line with the state budget law. Concorde Capital: If shareholders decide to pay out all of the company’s 2009 profits, as was the case in 2006-2008, the dividend will amount to UAH 4.89 UAH, providing a 0.3% dividend yield to the current share price. In 9M10, Ukrnafta generated UAH 2.45 bln in net income, suggesting total 2010 earnings of approximately UAH 3.20 bln (USD 402 mln), a dividend for 2010 of 50 UAH per share and a 9.11% dividend yield to the current share price.