MOSCOW - Russia's Rusal recommended its first dividend in five years on Tuesday - an interim payment of $0.02 a share - after reporting strong first-half financial results earlier in August.
Rusal, the world's largest aluminium producer outside China, boosted its January-June core earnings by 37% to $1.8-billion amid higher aluminium prices.
The payment for the first half of 2022 would reach $304-million, according to Reuters calculations based on Rusal's issued share capital, if shareholders approve the board's recommendation on September 30.
Rusal, controlled by EN+ group ENPG.MM with a 56.9% stake, last paid a dividend for the first half of 2017, when it returned $300-million to shareholders.
Sual Partners, which owns 25.5% of Rusal, has been calling for the resumption of dividend payments since 2021, but the company was focused on reducing its debt.