MOSCOW, July 8. /TASS/. Shareholder of Transneft (the Russian Federation represented by the Federal Agency for State Property Management) has approved the payment of dividends for 2023 in the amount of 177.2 rubles per ordinary and preferred share, the company reported.

All in all, 128.458 bln rubles ($1.4 bln) will be allocated for dividend payout, including 100.9 bln rubles on ordinary shares and 27.55 bln rubles on preferred shares. A decree by the Russian government suggested a respective volume of payments, the cabinet reported earlier.

Transneft completed a share split in February, after which one share was converted into 100 shares of the same category. Now the number of the company’s ordinary shares stands at around 569.45 mln, while the number of preferred shares equals around 155.49 mln.

In 2022, dividends of Transneft amounted to 16,665 rubles on each ordinary and preferred share, totaling around 120.81 bln rubles. In 2021, Transneft paid dividends in the amount of 10,497 rubles on ordinary and preferred shares (76.1 bln rubles in total).

Net profit of Transneft under International Financial Reporting Standards (IFRS) attributable to shareholders increased by 22% in 2023 compared with the previous year to record 296.51 bln rubles ($3.2 bln). The company’s net profit rose by 21% in the reporting period to another record level of 306.6 bln rubles ($3.3 bln) compared with 253.96 bln rubles in the previous year. Revenue grew by 10.5% last year to 1.331 trillion rubles ($14.3 bln), which is also a record for the company. Operating profit added 4.3% to 310.78 bln rubles ($3.3 bln). Profit before tax amounted to 388.83 bln rubles ($4.2 bln) compared with 312.05 bln rubles ($3.3 bln) in the previous year.

Transneft is a Russian transport monopoly, operator of Russia’s trunk pipelines. The state owns 78.55% of the company’s authorized capital, or 100% of voting shares.