OREANDA-NEWS. Following its Board of Directors meeting, members recommended a dividend payout from MegaFon's 40 billion ruble net profit for 2013 in the amount of 64.51 rubles per ordinary share.

The Board recommended that the July 11, 2014 AGM should determine the persons entitled to receive dividends on ordinary shares of the company. The decision on the amount and timing of payment of dividends must be approved by shareholders of the company at MegaFon's Annual General Meeting (AGM) to be held on June 30, 2014.

The company maintained a high level of dividends comparable to last year, due to strong financial indicators: revenue growth in 2013 was more than 9%, which exceeded the market growth rate by almost 2 times. The main generator of profits was revenue from data services, and it is expected that this trend will continue in 2014. Taking into account the dividend payment for the first quarter of 2013 made in July 2013, the total dividend for last year amounted to 46.4 billion rubles or 74.85 rubles per share, thus providing an attractive level of dividend yield for shareholders.

“The solid financial results of the company in 2013 allowed the Board of Directors to recommend the payment of a dividend at the level of the total payout last year. Our aim in the future is to continue to achieve results that increase shareholder value” commented Ivan Tavrin, CEO of MegaFon on the decision.

MegaFon does not preclude the payment of interim dividends in 2014 while maintaining the growth of the company, as previously announced.

The AGM will also consider approving the annual report and annual financial statements of MegaFon for 2013, and will vote on the selection of candidates for the Management Board.