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

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.