OREANDA-NEWS. April 30, 2010. Magnit AGM received a recommendation from company BoD to pay out dividends for FY2009 of RUB 10.06 per each common share. The shareholder meeting is due on June 24. May 7 is the cutoff date.

Magnit has a set dividend policy and has upsized the payout size almost 7x y-o-y. The company closely follows management’s plan to allocate 15% of net income to dividend payouts, though the resulting dividend yield is quite low. In total, Magnit should allot more than USD 28 mn to the 2009 dividends, or 10.2% of its last-year net income.

In 2008, Magnit paid out a dividend of RUB 1.46 per share. In addition, the company paid interim dividends for 2009 of RUB 4.76 per share.