Novoship to pay dividends for 2011 at 2 rubles per share, boosts total payout by 170%
MOSCOW. May 22 (Interfax) - Shareholders in Novorossiysk Shipping Company (Novoship, part of the Sovcomflot Group), at their annual meeting, approved a dividend payout for 2011 at 2 rubles per common and preferred share, the company told Interfax.
The company's board of directors planned to earmark 631,563,460 rubles for the 2011 dividends tapped from undistributed profit for previous years.
The company paid 0.75 rubles per common and preferred share for 2010. Therefore, the dividend payout for 2011 is an increase of 170%.
Novoship's IFRS net profit for 2011 came to $14.086 million, up 60% from 2010.
In addition, the shareholders elected Novoship's board of directors consisting of nine members. The board includes seven managers from Sovcomflot who were reelected: first deputy general director Yevgeny Ambrosov, financial director Nikolai Kolesnikov, deputy general director Alexander Kurtynin, administrative director Vladimir Mednikov, first deputy director Sergei Popravko, the head of the company's internal audit, Yury Tsvetkov, general director and CEO Sergei Frank, as well as Novoship president Igor Tonkovidov.
In addition, Sovcomflot's director for strategic planning and corporate development, Vladimir Yemelyanov has replaced Novoship veteran Gennady Fedchenko on the board.
Novoship's board met on Tuesday and Frank was elected as its chairman.
Novoship is one of the world's largest shippers, specializing in hydrocarbon transportation. Its fleet comprises 56 vessels with a combined deadweight of about 4.6 million tonnes and an average age of seven years.
