OMV: profit rises on higher prices, dividend up
(CercleFinance.com) - Austrian oil and gas group OMV will pay an increased dividend for 2017 after reporting a sharp rise in fourth-quarter profits on Wednesday.
OMV, which like its peers has benefited from higher oil prices, said its clean CCS operating result - a key measure of profitability in the sector - rose to 688 million euros in the past quarter, from 412 million euros in fourth-quarter 2016.
Clean CCS net income attributable to shareholders - or underlying net profit - jumped to 367 million euros, from 153 million euros.
Consolidated sales fell by 9% to 4.9 billion euros over the quarter, with the divestment of Turkey's OMV Petrol Ofisi more than offsetting increased volumes following a production ramp-up in Libya.
The group said it would pay a dividend of 1.50 euro per share for 2017, up 25% on the previous year.
Despite this good news, the OMV share price was down 0.1 percent at 48.1 euros in Vienna, still outperforming a STOXX Europe 600 Optimised Oil & Gas index that is currently down 0.6 percent.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
OMV, which like its peers has benefited from higher oil prices, said its clean CCS operating result - a key measure of profitability in the sector - rose to 688 million euros in the past quarter, from 412 million euros in fourth-quarter 2016.
Clean CCS net income attributable to shareholders - or underlying net profit - jumped to 367 million euros, from 153 million euros.
Consolidated sales fell by 9% to 4.9 billion euros over the quarter, with the divestment of Turkey's OMV Petrol Ofisi more than offsetting increased volumes following a production ramp-up in Libya.
The group said it would pay a dividend of 1.50 euro per share for 2017, up 25% on the previous year.
Despite this good news, the OMV share price was down 0.1 percent at 48.1 euros in Vienna, still outperforming a STOXX Europe 600 Optimised Oil & Gas index that is currently down 0.6 percent.
Copyright (c) 2018 CercleFinance.com. All rights reserved.