Brief: Ukraine's IMC plans dividend at up to 10 pct of 2016 profit

Imc SA

13/06/2017 14:45

June 13 (Reuters) - Industrial Milk Company (IMC)  IMC.WA : 
    * Ukraine's Warsaw-listed IMC plans to pay out up to 10 
percent of its 2016 profit in dividends to shareholders in 
September this year, the company's Chief Executive Alex Lissitsa 
told reporters. 
    * "We are going to pay a 2017 dividend to the shareholders 
(of) up to 10 percent of the net income. The payment will be 
done in September 2017," he said. "The company is financially 
stabilised, so it's a good time to pay dividends. We plan to 
increase the dividend rate in the next year and from 2017 we 
plan to pay a dividend every year." 
    * IMC's 2016 net profit stood at $21.9 million versus $11.3 
million a year before. 
    * Lissitsa also said the company planned to spend $16 
million to increase its land bank by 20,000 hectares to 156,600 
hectares this year, and then raise the land bank by a further 
20,000 hectares in 2019. 
    * Last year, exports accounted for 70 percent of IMC's 
revenue, including exports to Asia that accounted for 20 
percent. 
    * IMC's CEO also said that looking at global trends, the 
company may increase its exports to Asia by at least 30 percent 
over the next three to four years. 
    * IMC debuted on the Warsaw bourse in 2011. The company is 
one of Ukraine's largest agricultural firms 
 
Further company coverage:  IMC.WA  
 
 (Reporting by Bartosz Chmielewski; Writing by Marcin Goettig; 
editing by David Clarke) 
 ((marcin.goclowski@thomsonreuters.com;))