Phosagro Said to Consider $79 Million Additional DividendYuliya Fedorinova
OAO Phosagro’s management proposed paying as much as 2.5 billion rubles ($79 million) in additional dividends for 2012, according to a person with knowledge of the matter.
The board will consider management’s proposal to distribute 2 billion rubles to 2.5 billion rubles at a meeting tomorrow, said the person, who asked not to be identified because the information is private. Phosagro’s press service confirmed that the board will discuss dividends, without elaborating.
“Phosagro is one of the most efficient fertilizer makers globally,” Boris Krasnojenov, an analyst at Renaissance Capital, said by phone. “It’s good that Phosagro pays large dividends. It can afford to.”
Phosagro paid interim dividends for 2012 totaling 7.8 billion rubles, compared with 7.16 billion rubles paid to investors after its initial public offering in 2011.
Net income is seen rising 4.5 percent to 20.4 billion rubles in 2012 by six analysts surveyed by Bloomberg. The company may publish results this month.
The shares jumped as much as 4.1 percent, closing up 2.9 percent at 1,367.80 rubles, a record high. The number of shares traded was 19,187, equivalent to about 2.4 times the three-month average.