The Nalco on Saturday announced 56 per cent dividend payout amounting to Rs 651.40 crore at its 36th annual general meeting of shareholders held here on Saturday.
The dividend payout works out to Rs 2.80 per equity share of Rs 5 each. The company had paid dividend of Rs 562.22 crore in the last fiscal.
This year, dividend payment, which includes dividend distribution tax, works out to 97.44 per cent of the net profit. Since inception, the Navratna national PSU has paid a total of Rs 6,687 crore as dividend, including Rs 5,632 crore as share of the Union Government.
Nalco CMD Dr Tapan Kumar Chand congratulated all the stakeholders for the company’s success in sustaining production performance, along with productivity and profitability despite the downturn in the international metal market. “The year was also a testimony of the Nalco being a partner in progress and an industry leader in promoting inclusive growth, sustainable development and nurturing happiness among people,” said Chand.
“Our action plan includes increasing production and expansion and modernisation of our plants, import substitution and diversification of products. The company also targets to strengthen its presence in the domestic as well as in the international market. A New Business Model has been envisaged, which takes into account the market uncertainties of future,” Chand added.
In 2016-17, the company recorded net profit of Rs 669 crore and gross turnover of Rs 7,933 crore. It registered highest-ever production with bauxite transportation of 68.25 lakh MT (100 per cent capacity utilisation), highest highest-ever alumina hydrate production of 21 lakh MT (100 per cent of normative capacity). It generated 206 MU of wind energy.
It recorded an increase in metal sales by 2.52 per cent in domestic market. Its Share price has gone up from Rs 36.45 in 2015 to Rs 85.40 as on September 13, 2017.