Myronivsky Hliboproduct approves first-ever dividends
KYIV. March 6 (Interfax) - The Ukrainian agricultural holding Myronivsky Hliboproduct (MHP), the country's biggest producer of poultry meat, has approved the paying of the company's first-ever dividends at $1.13 per share, or roughly $120 million in all.
"The board of directors confirmed the adoption of dividend policy that supports the balance between the need to put funds into further development and the right of shareholders to the dispersal of company net profits," an MHP exchange statement posted Tuesday says. "The new dividend policy affirms the company's intent to pay annual dividends to shareholders on a regular basis," the statement says.
Dividends will depend on the finalization of interim reportage reflecting the distribution of the profits of subsidiary companies, and will be announced this May.
The head of the company's department for working with investors and the media, Anastasia Soboyuk, said during a Tuesday conference call that the company generally intends to pay out dividends representing up to half of net profits.
The Monday closing price for MHP GDR on the London Stock Exchange was $18.35 per share.
MHP increased its net profits 20% to $311 million last year. Sales revenues were up 15% at $1.408 billion.
The agri-holding increased poultry meat production 1% to 375,300 tonnes in 2012. Exports were up 65%. Chicken meat production grew 5%. Sales of sunflower oil amounted to 195,000 tonnes last year, a 12% increase from the year before.