Mostotrest might pay more than 2 bln rubles in dividends for 2012
MOSCOW. April 23 (Interfax) - OJSC Mostotrest, a major Russian infrastructure construction company, might increase dividends for 2012, CEO Vladimir Vlasov said in a conference call on Monday.
"Dividends this year will be higher than in the previous year. I mean the absolute figure," Vlasov said.
The company's deputy CEO for economics and finance, Oleg Tanana recalled that the company's dividend policy calls for paying shareholders at least 30% of adjusted net profit, which was 4.5 billion rubles for 2012.
He said that management will recommend at the board of directors meeting on May 15 that shareholders be paid dividends amounting to "a little more than 30% of profits."
Mostotrest paid overall dividends of 2.004 billion rubles for 2011. The company could therefore pay out more than 2 billion rubles for 2012.
Management also said that the company is not planning any new acquisitions in the near future.
"We've made very substantial acquisitions recently. We face the challenge of integrating the new companies, and based on this we're not planning any expenditures in the near future, as we're busy with the already acquired companies," Vlasov said, adding that going forward Mostotrest will be more cautious in regard to acquisitions.
Mostotrest boosted its net profit to International Financial Reporting Standards (IFRS) by 17% to 4.3 billion rubles in 2012, the company reported on Monday.
Revenue soared 26% to 123.7 billion rubles. Earnings before taxes, depreciation and amortization (EBITDA) jumped 22% to 11.6 billion rubles, whereas the EBITDA margin edged down 0.6 percentage points to 9.4%.
Mostotrest is the largest diversified infrastructure and bridge-building company in Russia. The company was established in 1930 as a developer of complex and oversized bridges.
Mostotrest is currently implementing major infrastructure development projects across Russia, including transport infrastructure for the 2014 Sochi Olympics, Enthusiasts Avenue traffic interchange in Moscow, as well as infrastructure projects along M-4 Don, M-7 Volga and other highways.
The company is owned 38.6% by Marc O'Polo Investments, whose beneficiary shareholders are Arkady and Igor Rotenberg and top-managers of N-Trans, including Konstantin Nikolaev, Nikita Mishin and Andrey Filatov; and 27.1% by Transfingroup Asset Management Company, trustee of Blagosostoyanie Pension Fund. The free float is 34.3%.