The management of Poland’s state-controlled refiner PKN Orlen plans to recommend a record dividend payout to shareholders on the back of record results propped up by high margins, local media reported on November 17.
The listed company has been enjoying strong results recently on the back of suppressed crude prices, which have pushed margins. Although falling recently from the summer peak of over USD10 (€9.4) per barrel and nearly $1,200 per tonne for petrochemical margins, high margins continue to push results, CEO Jacek Krawiec told Rzeczpospolita.
"Judging by the financial data after the three quarters, our results are at a record high, so the dividend should be a record high as well. The decision will be made by the shareholders," Krawiec told the newspaper.
PKN posted net profit of PLN795mn in the third quarter, representing annual growth of 48%, mainly on the back of refining margins. Despite posting a loss of PLN4.67bn for 2014, the company paid a dividend of PLN1.65 per share, or a total of PLN705.7mn, for that year. PKN's dividend policy is to pay up to 5% of its average annual capitalisation for the previous year.
It is not clear, however, whether it the current CEO who will oversee the dividend payout. Krawiec is reportedly one of several CEOs at state-controlled companies that the new government of Law and Justice (PiS) is especially keen to see replaced.
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