PJSC M.video (M.Video-Eldorado Group, the Company, or the Group; MOEX: MVID), Russia's leading e-commerce and consumer electronics retailer and part of the SAFMAR Group owned by Mikhail Gutseriev, announces that the Company’s Annual General Meeting of Shareholders (the “AGM”) has approved a dividend payment of RUB 6,831,192,626, or RUB 38 per ordinary share. The dividend record date has been set as May 18, 2021.
Taken together with the interim dividend of RUB 5.4 billion, or RUB 30 per ordinary share, for the six months ended June 30, 2020, total dividends for FY 2020 will amount to RUB 12.2 billion (RUB 68 per ordinary share), or 100% of the Company’s 2020 adjusted net profit under IAS 17.
The dividend payment approved by the AGM is fully in line with the Company’s new dividend policy adopted in February 2021. According to this policy, M.Video-Eldorado plans to pay semi-annual dividends equal to at least 100% of its adjusted net profit under IAS 17. The dividend policy is a key element of M.Video-Eldorado’s growth strategy, which aims to double the size of the business by 2025 while also achieving strong financial results and providing good returns for shareholders.