SCI posts Rs941-crore net profit, pays Rs221-crore dividend to government

Shipping Corporation of India (SCI), the country's largest shipping company, has reported a net profit of Rs940.7 crore on a turnover of Rs4,564.5 crore for the financial year 2008-09. SCI also allotted bonus shares in the ratio of 1:2 and declared a dividend of 65 per cent on the increased share capital for the financial year.

The company allotted one bonus share each to shareholders for every two shares held, which increased the paid-up share capital of the company to Rs42.35 crore.

The annual general meeting of the company held on 30 September 2009 approved the payment of final dividend of 65 per cent, ie, Rs6.5 per share of face value Rs10 each, on the increased share capital.

SCI chairman and managing director S Hajara handed over a demand draft for a sum of Rs220.54 crore to GK Vasan, minister for shipping, towards final dividend to the government for the financial year 2008-09.

The government holds an equity stake of 80.12 per cent in the Shipping Corporation of India.

SCI, the only Navratna PSU under the ministry of shipping, owns a fleet of 80 vessels of deadweight of 5.4 million tonnes, including 30 crude oil tankers, 10 product tankers, 18 bulk carriers, 10 offshore support vessels, 5 container carriers, 3 chemical carriers, 2 LPG/ ammonia carriers and 2 passenger carriers. In addition, SCI also manages 58 vessels on behalf of ONGC, other government departments and SCI's joint venture companies for LNG transportation. At present, the company has on order 31 ships of 1.8 million deadweight tonnage at various shipyards in India and abroad.