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Kazanorgsintez will direct at least 70% of net profit for dividends

March 26/2021

MOSCOW (MRC) - Kazanorgsintez (KOS, part of the TAIF group) will allocate at least 70% of its net profit for dividends, the company said.

So, on March 16, a regular meeting of the board of directors of KOS was held, where the recommendations to the general meeting on the distribution of net profit were approved and some other issues were considered.

According to the data of the annual financial statements in accordance with RAS standards, the revenue of Kazanorgsintez PJSC at the end of 2020 amounted to 62.8 billion rubles. Even in the context of the coronavirus pandemic and the associated economic crisis, the company worked with a net profit of 8.6 billion rubles.

The Board of Directors recommended to the annual meeting of KOS shareholders to use part of the net profit in the amount of 2.6 billion rubles for capital investments. The total amount of dividends paid to shareholders, in accordance with the company's charter, is set at not less than 70% of the net profit. Accruals will be made at the rate of 0.25 rubles per one preferred share and 3.36 rubles per one ordinary share. The general meeting will be held on April 23, 2021 in absentia.

Earlier it was reported that Kazanorgsintez began a project to build a production of polyethylene-vinyl acetate (EVA) and high-pressure polyethylene (LDPE). The new production capacity will be 100 thousand tons of EVA / LDPE per year. The Japanese company Sumitomo Chemical will act as the licensor. The production complex will be located on a free site, inside the territory of Kazanorgsintez. To implement the project, it is planned to use the company's own funds and attract debt financing.

According to MRC's DataScope, January imports of EVA to Russia grew by only 0.07% to 3,084 tonnes from 3,087 tonnes in the same month of the previous year, but by the end of January-December 2020, imports of this type of copolymer ethylene in the Russian Federation decreased by 3.41% - to 38,170 tonnes (39,520 tonnes in January-December 2019).

Kazanorgsintez PJSC is one of the largest polyethylene producers and the only polycarbonate producer in Russia (part of TAIF Group). The only Russian member of the international association "PE100 +". All products manufactured by Kazanorgsintez PJSC are certified in the Gosstandart system of the Russian Federation. The enterprise is the largest exporter of polyethylene among Russian manufacturers. Kazanorgsintez PJSC supplies products to 31 countries of the world.

Author:Anna Larionova
Tags:PE, EVA, PK, LDPE, Kazanorgsintez, Taif -NK, Russia.
Category:General News
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