KazTransOil CEO K. KabyldinThe Board of Directors of JSC "KazTransOil" recommends that the general meeting of shareholders of the company to allocate 86% of the consolidated net income for 2012 for the payment of dividends, KazTransOil CEO Kairgeldy Kabyldin stated.
"These recommendations are: to allocate 28.8 billion tenge for dividend payout. Dividend payout ratio in the case of approval of these figures at the annual general meeting will be 86% of the consolidated net income for 2012," he said.
According to K. Kabyldin, the company significantly exceeded its obligations in accordance with our dividend policy - to allocate at least 40% of net income for the payment of dividends. The remuneration recommended per one ordinary share is 75 tenge, the official website of Prime Minister reports.
"None of those companies whose stocks are listed on Kazakhstan Stock Exchange, in particular the "blue chips", pay such amount of dividends. This shows the attractiveness of our shares and the Government's correct choice of the company to participate in the program "People's IPO", the director general emphasized.
In general, KazTransOil’s consolidated net income in 2012 amounted to 33.5 billion tenge, which is by 30% more than in 2011. In the first quarter of 2013 net profit of the company made 16.7 billion tenge, which is almost 55% more than in 2012 and 124% above the plan.
"The 2012 net income resulted from the implementation of the planned volumes of oil transportation, and a major factor of increasing profitability has been the increase in tariffs for the transportation of oil to the foreign and domestic market from December 1 last year," Kabyldin said.
If approved by the annual general meeting, the payment of dividends for 2012 will be based on the register of shareholders as at 00:00 13 June 2013. The procedure of dividend payment will start on July 4 this year. The final decision on the matter will be made at the annual general meeting of shareholders of JSC "KazTransOil", which will take place on May 28 of this year.