Kazakhstan's KazMunayGas to double its dividend payments for 2019
BAKU, Azerbaijan, May 28
By Nargiz Sadikhova - Trend:
Kazakhstan’s KazMunayGas (KMG) has made a decision to pay out dividends to its shareholders in the volume of 81.7 billion tenge ($198.2 million) for 2019, which is two times more than the volume of dividends paid for 2018, Trend reports with reference to the company.
The company said that the decision to pay dividends was made in accordance with company’s dividend policy and was agreed on with the main company’s shareholder taking into account the instructions of Kazakhstan’s president.
The board of directors also took into account the current financial situation of KMG, the forecast of cash flows, the impact on international credit ratings, ongoing work to maintain jobs, as well as planned investments made in the interests of the state.
The audited financial statements of the company said that at the end of 2019, KMG, in addition to paying dividends, allocated 20 billion tenge ($48.5 million) to shareholders, including funds for the construction of social facilities in the cities of Nur-Sultan and Turkestan.
The company noted that it directs income from its activities to servicing external liabilities, the repayment amount of which in 2019 amounted to about 997 billion tenge ($2.6 billion).
KMG is Kazakhstan's operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in the oil and gas industry of Kazakhstan.
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