By John Meyer, consultant in financial affairs – Eurasia Business News, July 31, 2024. Article n°1126.
Thanks to good financial results, the Board of Directors of the Russian IT corporation Yandex will consider the issue of paying the first dividends in the amount of 80 rubles per ordinary share. This is stated in the announcement of financial results for the second quarter of 2024, published on the company’s website.
“The Board of Directors of Yandex, at the suggestion of management, will consider the issue of paying the first dividends in the amount of 80 rubles per ordinary share,” announced the press release.
In case of a positive decision, dividends will be paid no later than the end of October 2024. Yandex expects that in the future it will be able to pay dividends on a semi-annual basis, if the board of directors makes a recommendation, and the meeting of shareholders makes such a decision.
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According to the company’s financial results, in the second quarter of 2024, revenue amounted to 249.3 billion rubles (+37% year-on-year). Adjusted EBITDA reached 47.6 billion rubles or 19.1% of revenue. The loss amounted to 31.7 billion rubles (-241% compared to the same period in 2023). Adjusted net profit increased by 45% year-on-year to RUB 22.7 billion.
Yandex expects its total group revenues to grow in the range of 38%-40% year-on-year for the full year 2024. Adjusted EBITDA for the full year 2024 is expected to be in the range between 170 billion and 175 billion rubles.
On July 15, Yandex N.V. closed a deal to sell Yandex’s business and completely withdrew from the shareholders of the group. Trading in shares of the Russian IPJSC Yandex on the Moscow Exchange after redomiciliation began on July 24. On July 9, all settlements on the exchange of Yandex N.V. shares for the securities of Yandex IPJSC were completed by the Moscow Exchange. 680,700 counter transactions were concluded on the trading floor, during which investors exchanged 42.4 million shares in the amount of 180.3 billion rubles.
On February 5, the Dutch company Yandex NV announced the sale of its Russian operations for 475 billion rubles to a consortium of Russian investors. The management of Yandex Russia receive 35% of the capital through the FMP management company and will become the largest among the company’s shareholders after its restructuring. Managers will also have a right of veto and their fund will be able to appoint two of the ten members of the future board of directors.
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© Copyright 2024 – Eurasia Business News. Article No. 1126.
Eurasia Business News 