Naftogaz does not need dividends from Ukrnafta

Naftogaz’ (NAFTO) CEO, Yevhen Bakulin said there is no plan to hold an AGM for Ukrnafta (UNAF UK), in which Naftogaz holds a majority stake, any time soon. Bakulin said dividends that the holding might receive from Ukrnafa was not a priority.

Alexander Paraschiy: Bakulin’s statement looks slightly disappointing for minorities of Ukrnafta, who are used to seeing hefty dividend payouts. Ukrnafta posted EPS of UAH 40 in 2011 – if the income is fully distributed as dividends, it would correspond to a yield of 21%.