Romanian Natgas Producer Romgaz Plans Higher Dividend for 2014

Romanian natural gas producer Romgaz[BSE:SNG] said on Friday it plans to pay a gross dividend of 3.15 lei ($0.76/0.71 euro) per share for 2014, corresponding to a pay-out of 85%.

Romgaz paid a gross dividend of2.57 lei per share for 2013.

Romgaz plans to pay dividends worth a combined 1.214billion lei from last year's profit, it said in a statement filed with the Bucharest Stock Exchange.

The companyreported a preliminary net profit of 1.434 billion lei for 2014.

Raiffeisen Bank said in a note to investors the dividend yield stands at9.6% based on Thursday's closing price and is higher than its forecast of 2.79 lei per share. The bank rated the news as positive for the share price of Romgaz.

Shareholders are expected to vote on the dividend proposal at a meeting scheduled forApril 28.

Blue chip Romgaz was changing hands up 0.18% at32.99lei by 1050 CET.

Source: SeeNews