Magnit Doubles Dividends
- Aug. 02 2013 00:00
- Last edited 21:12
Fast-growing food retailer Magnit said Thursday that it plans to more than double its first-half dividend payment following strong financial results.
Magnit, which overtook closest competitor X5 as the No.1 player by sales in the first quarter, plans to pay 46.06 rubles ($1.39) per share in dividends, it said in a statement.
The total payout, recommended by the board, stands at 4.4 billion rubles, or about 30 percent of first-half net profit and is in line with the company's pledge to raise its dividends as a proportion of profits to 25 to 35 percent.