Novorossiysk Grain Plant could pay 9M 2023 dividends

KRASNODAR. Nov 22 (Interfax) - Novorossiysk Grain Plant , part of the United Grain Company (UGC) group and the largest deep-sea grain terminal in the waters of the Azov-Black Sea basin, could pay dividends for January-September 2023.

Shares rallied 6.4% on the Moscow Exchange immediately after the news to 1,064 rubles each.

The company said in information that the issue would be on the agenda for the board of directors that meets on November 23 in absentia.

The plant has not paid 9M dividends since 2020, when shareholders received 738.159 million rubles or 10.92 rubles per share for the period.

It paid 988.268 million rubles or 14.62 rubles per share for 2022.

The company paid 9.5 rubles per share or 642.171 million rubles in total for H1 2021. The board recommended a final dividend of 8.24 rubles or 556.999 million rubles be paid for that year, but the AGM on June 30 last year voted only 41.4% in favor and 58.56% against.

Novorossiysk Grain Plant's total storage capacity is 250,000 tonnes, and the depths at the quay wall allows for handling vessels with deadweight of up to 72,000 tonnes.

The plant shipped 4.6 million tonnes of grain for export in 2022, down 13% compared to 2021. It shipped 6.748 million tonnes of grain for export in January-October 2023, double the volume for the same period of last year and more than the record 6.3 million tonnes shipped in the whole of 2020.

United Grain Company owns 51% of Novorossiysk Grain Plant, according to its list of affiliates as of June 30. Demetra Holding owns 35.36%.