Russia's Federal Property Agency, which owns 100% of the voting stock in pipeline operator Transneft (RTS: TRNF), approved the distribution of the 4.018 billion rubles in net profit the company earned in 2007, the company said in a statement according to Interfax.
The company will spend 1.152 billion rubles, or 28.7% of net profit, on dividends for 2007, including 135.22 rubles per common share for a total of 750.045 million rubles (18.7% of net profit) and 258.45 rubles per preferred share for a total of 401.857 million rubles (10%).
Transneft paid 822.7 million rubles in dividends for 2006. It paid 225.42 rubles on preferred shares and 101.23 rubles on common shares. The 2007 payments will thus be 40% higher than in 2006. The company increased net profit 14.7% in 2007.
In addition, the shareholders decided to contribute 75 million rubles, or 1.9% of net profit for 2007, to the charter capital of the St. Petersburg Raw Commodities Exchange. They also voted to spend 45.564 million rubles (1.1%) to increase the charter capital of the Burgas-Alexandroupolis Pipeline Consortium as well as 2.746 billion rubles (68.3%) on the development of production and other measures to create new property.