The Cochin International Airport Limited (CIAL), with the payout of 2012-13 dividend, has repaid investors more than what they have invested, says Managing Director V J Kurien.
The CIAL board of directors has declared an annual dividend of 17 per cent for the company’s shareholders. Kurien said the dividend warrants have been dispatched to the shareholders. CIAL has 17,844 shareholders and the paid up equity capital as on date is `306.06 crore.
“With the payout of the 2012-13 dividend, CIAL has created history by repaying the entire investment (and more) to the investors,” he said. Kurien added that CIAL has been able to issue dividend from the year 2003-04 successively to 2012-13, and in the process the company has paid 114 per cent of the paid up capital as dividend, while marking an YoY growth.
CIAL has reported that the announced 17 per cent dividend reflected an annual growth of 11.08 per cent in the total turnover. The turnover this financial year was `306.50 crore against last fiscal’s `275 crore, while the net income after paying tax has been pegged at `111.41 crore against the previous fiscal’s `102 crore. Government of Kerala, central and state PSUs, nationalised and private sector banks who have invested in CIAL have received back more than what they have invested, said Kurien. The state government, which has a stake of `98.68 crore in CIAL has received more than `100 crore as dividend, he said.
Two rights issues by the company earlier had a face value of `10, which according to the MD, was a rare phenomenon, as the industry always charge a premium. Though the company offered dividends through online bank transfer, only 28 percent have availed the facility. Through ordinary bank transfer the money would reach the shareholder in seven days, added Kurien.