Support The Moscow Times!

Magnit Doubles Dividends

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.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.