The board of directors of Cochin International Airport Limited (CIAL) has proposed a dividend payout of 25 per cent from a profit (after tax) of Rs.175.22 crore out of the total turnover of Rs.524.5 crore during the last financial year.
The board met in Thiruvananthapuram on 23th June, with Chief Minister Mr. Pinarayi Vijayan at the chair. Finance Minister Mr. Thomas Isaac, Water Resources Minister Mr. Mathew T. Thomas, Agriculture Minister Mr. V.S. Sunil Kumar , Chief Secretary Mr. S.M. Vijayanand, Mr. K.Roy Paul, Mrs. A.K.Ramani, Mr. V.J.Kurian IAS, Mr. M.A.Yusuffali, Mr. N.V.George were attended the CIAL board meeting.
The airport saw business growth to the tune of 26.71 per cent in the last year. Profit grew by 21.19 per cent. There are a total of 18,200 investors in the project from 36 countries. The company has been paying dividend since 2003-04, and up to 2014-15 the total dividend outgo has been 153 per cent. The Annual General body of the company will be held on 3rd September at Fine arts hall, Ernakulam. The proposed divided has to be ratified by AGM for distribution.
The airport has emerged as the seventh largest in the country in terms of total passenger traffic. Passenger movement stood at 77 lakh last year. The airport expects a total turnover of Rs.3,000 crore by 2023. The areas to increase the income include duty-free business, solar energy projects as well as diversification of business into other areas.