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Cochin International Airport Ltd to pay shareholders 27% dividend
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Cochin International Airport Ltd to pay shareholders 27% dividend

Agency News

KOCHI: The 25th annual general meeting (AGM) of the Cochin International Airport Ltd (CIAL) had decided to pay 27 per cent dividend to the shareholders of the company.

Addressing the shareholders, Chief Minister Pinarayi Vijayan, who is also the chairman of the company, said CIAL is one of the best institutions in the state and its achievements were commendable.

The CIAL, which recorded a turnover of Rs 650.34 crore during 2018-19 fiscal, has registered a net profit of Rs 166.92 crore. The board of directors held in June had proposed payment of 27 per cent dividend to the investors. Despite the closure of the airport for 15 days due to the flood in August 2018, the company registered a 17.52 per cent increase in turnover. The company had registered a turnover of Rs 553.41 crore in 2017-18.

The profit after tax increased by 7 per cent from Rs 155.99 crore in 2017-18 to Rs 166.92 crore in 2018-19. The consolidated turnover achieved by the CIAL and its fully owned subsidiaries like CIAL Duty-Free and Retails Services Ltd (CDRSL) stood at Rs 807.36 crore.

The consolidated profit increased from Rs 169.92 crore in 2017-18 to Rs 184.77 crore in 2018-19. The CDRSL alone recorded a turnover of Rs 240.33 crore.

CIAL which started function in 1999 has 18,000 investors from 30 countries. The company has been paying dividend to the shareholders consistently since 2003-04.