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Russia’s Gazprom surge after bumper profit and dividend announcement

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Russia’s Gazprom saw its shares surge on Wednesday after reporting bumper first-half profits and announcing a recent dividend to shareholders.

Stoyan Vassev | Press service of Gazprom Neft | via Reuters

Russian gas giant Gazprom posted a record first-half profit and promised recent dividends to shareholders, sending its shares soaring greater than 27% in early trade in Moscow on Wednesday.

The bulk state-owned energy company said its board had proposed a dividend of 51.03 Russian rubles ($0.85) per abnormal share for the primary half of 2022. In its first-half earnings report on Tuesday, Gazprom announced a record 2.5 trillion ruble ($41.75 billion) net profit.

The leap within the group’s share price took Russia’s dollar-denominated RTS index 3.6% higher and the ruble-denominated MOEX Russia Index 4.7% higher by late morning in Moscow.

The corporate has been on the forefront of concerns about Russian gas flows to Europe in light of the invasion of Ukraine and subsequent economic sanctions against Moscow from Western powers, which have prompted the European Union to rapidly seek alternative energy sources.

Gazprom announced Tuesday that it will halt gas deliveries to Europe via its principal Nord Stream 1 pipeline for 3 days from Wednesday, citing maintenance requirements. The group has also suspended flows to French utility Engie from Thursday, citing a payment dispute.

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