IDGC North-West to boost dividends nearly five-fold

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IDGC North-West to boost dividends nearly five-fold

ST. PETERSBURG. May 26 (Interfax) - The board of directors of IDGC North-West has recommended to shareholders a dividend of 0.0008 rubles per share for 2013 or a total of 76.629 million rubles, the company said in a press release.

Shareholders will vote on the dividend at the AGM on June 25.

IDGC North-West paid 0.0001614 rubles per share for 2012. In other words, the recommended dividend is nearly five times greater.

The board also recommended allocating 208.692 million rubles of the net profit to development and 15.017 million rubles to the reserve fund.

IDGC North-West posted a net profit of 300.338 million rubles in 2013 under Russian accounting standards, 390% higher than in 2012.