The Board of Directors of Nornickel recommends against paying dividends. According to the statement from the Board, the Russian company MMC Norilsk Nickel, the world’s largest producer of palladium and class I nickel and a major producer of platinum and copper, announced that in a majority vote, the Board decided to recommend at the Annual General Meeting of Shareholders that dividends be not paid for the financial year 2023.
In 2022, sanctions affected Nornickels financials, according to the Board. Revenue decreased by 15% year-over-year to $14.4 billion, while EBITDA declined by 21% year on year to $6.9 billion. Free cash flow totaled $2.7 billion and free cash adjusted for interest and lease liabilities and dividends for non-controlling interests was $1.3 billion. The company has already paid $1.5 billion in interim dividends for 9M 2033.
“No dividend payment by increasing debt levels is considered expedient,” said the Nornikels Board.
The main production units of the Norilsk Nickel Group are located in the Norilsk Industrial District, on the Kola Peninsula and in Zabaykalsky Krai, Russia. The President and Chairman of the Management Board of MMC Norilsk Nickel is Vladimir Potanin.
