MOL’s 2019 Annual General Meeting Approves HUF 107 Billion Dividend
- Shareholders approved consolidated financial statements of MOL Group for 2018
- Annual General Meeting accepted dividend payment of HUF 107 bn (USD 376 mn)
- Appointments made to the Board of Directors, Supervisory Board and Audit Committee
- MOL Group Annual Report 2018 can be accessed at info/annualreport2018
Budapest, 11 April 2019 – Today, MOL Plc. held a successful Annual General Meeting in Budapest. The General Meeting accepted the Board’s proposal for the distribution of profits through a dividend payment of
HUF 107 bn, a significant increase compared to last year. Shareholders approved the report of the Board of Directors regarding finances for the year 2018 and the consolidated financial statements. The Annual General Meeting also acknowledged the work of the Board of Directors performed during the 2018 business year and granted waiver to the Board of Directors and its members.
The base dividend is expected to rise by 11.8% to approximately HUF 95 per share from last year’s HUF 85 per share, thus continuing the previous trend of gradually increasing the regular dividend payment. Additionally, similar to last year shareholders approved special dividend proposed by the Board on the back of strong cash flows achieved in 2018. With the special dividend representing a 50% top-up of HUF 47.5 per share, the total dividend per share is expected to reach approximately HUF 142.5 for the 2018 financial year.
The Annual General Meeting approved the Board’s proposal for re-election of Dr. Sándor Csányi, Dr. Anthony Radev, and Dr. János Martonyi as well as the election of Mr. Talal Al Awfi as members of the Board of Directors. Furthermore,
Dr. Anett Pandurics was elected as a member of the Supervisory Board and Audit Committee.
Zsolt Hernádi, MOL Group Chairman-CEO, commented on the Annual General Meeting: “I am pleased to close the 2018 financial year today, which will be remembered as a successful and also a defining year. A year when we invested in new businesses and new technologies that will set the stage for our future transformation and growth, as the board and the management focus on its long-term pursuit: to transform the business while continuing to deliver a solid operational and financial performance. I would like to thank our shareholders for supporting the resolutions put forward by the Board of Directors. In 2019, we will continue transforming our business, while striving to deliver a best-in-class investment case.”
In 2018, MOL increased its EBITDA by 10% to USD 2.69 bn, comfortably beating its upgraded target. Upstream and Consumer Services continued to significantly increase their contributions, while the strong internal performance in Downstream partly offset the weakening margin environment.