State-owned Central Warehousing Corporation (CWC) today paid its highest-ever dividend of Rs 53.14 crore to the government for the 2016-17 fiscal.
The government has 55 per cent stake in CWC. In the previous year, the company had paid a dividend of Rs 32 crore to the Union Food Ministry.
"CWC performed well. It has paid highest ever dividend for 2016-17," Food Minister Ram Vilas Paswan said after receiving the dividend cheque from CWC Managing Director Harpreet Singh.
The company's net profit rose by 16.88 per cent to Rs 231.22 crore in 2016-17 financial year from Rs 197.82 crore in the previous year. Its turnover was Rs 1,606 crore in 2016-17.
The CWC chief said, "CWC has declared dividend for the year 2016-17 at 142 per cent of its paid up capital as against 88 per cent paid last year. This is the highest ever dividend CWC has paid to its shareholders."
Against the authorised share capital of Rs 100 crore, the paid-up capital of the CWC is Rs 68.02 crore. CWC is not dependent on any budgetary support from the government and all its operation and construction plans are met through internal generation of resources, he said.
The company had constructed additional storage capacity of 95,000 tonnes with a capital expenditure of Rs 103 crore during the last fiscal.
At present, CWC is operating 431 warehouses with a total storage capacity 99.57 lakh tonnes. It is also operating 52 bonded-warehouses, three air cargo complexes, 30 container freight stations/inland clearance depots and three temperature controlled warehouses.
It is also managing operations of integrated check post at Attari (Punjab), Agartala (Tripura) and Petrapole (West Bengal) on behalf of Land Port Authority of India. Besides, the company is running container trains since 2007.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.