Record Dividends as Alrosa Recovers from Pandemic
August 31, 21
(IDEX Online) - Alrosa is set to pay out record dividends to shareholders this year after a swift recovery from the pandemic.
The Russian miner is proposing an allocation of RUB 64.7bn ($880m) for H1 2021, equal to its entire free cash flow.
It says it expects an even higher allocation in H2, which could bring the annual total for 2021 to as much as RUB 135bn ($1.84bn).
The H2 2020 dividends amounted RUB 70.3bn ($960m). There was no dividend in H1 2020 due to negative free cash flow.
"If the shareholders approve the dividend recommendation, the total cash payments in 2021 will reach as high as RUB 135bn, which exceeds the total dividends paid for 2018 and 2019," said Sergey Ivanov, Alrosa's CEO.
"A sustainable year-to-date recovery in demand for diamonds and diamond jewelry translated into a quick improvement in our financials performance and profitability."
Pic courtesy Alrosa