- 25% dividend to investors
- Total turn over: Rs.669.09 Cr.
- Profit of CIAL: Rs.179.35 Cr.
The State Government is consociating Cochin International Airport Limited (CIAL) in the inland Waterways development project which is expected to be completed by 2020, said Chief Minister of Kerala and Chairman of the company Shri. Pinarayi Vijayan. He was addressing the 23rd annual general meeting of the share holders. The meeting endorsed the recommendation of board of directors to pay 25% dividend to investors for the financial year 2016-17.
The Chairman intimated the gathering that time was not yet ripe for rights issue of the company. “There may be shareholders preferring it but when looked at from the larger public interest, it is not desirable now,” he said. The chairman also told the AGM that a decision on extending Kochi Metro Rail to the airport and also to Angamali will be taken after the completion of the first phase and decision on second phase up to Kakkanad
The state government and the CIAL are planning to float a special purpose vehicle to develop the inland waterways project linking 11 districts from Kovalam to Kasargode and both of them will have 49% stakes in it. Remaining 2% will be issued to retail stakeholders. The project aims at improving water transport, tourism development and goods transport through inland waterways. As a part of the project, boat jetties, shopping malls and hotels will be raised on major tourist spots in the state. It is expected that the project will fillip the tourism potential of Kerala. The chief minister noted that the 2016-17 was indeed a year of great achievements for CIAL. CIAL and its Duty Free Retail Service Ltd. together recorded an aggregate turn over of Rs. 669.09. CIAL alone made a profit Rs. 179.45 Cr. The number of passengers handled by the airport also increased to 89.4 lakhs Compared to last year, total number of passengers increased by 15.06% and domestic passengers saw a hike of 25.99%. Since 2003-04 FY, company has been unfailingly paying out dividend to the shareholders and with this year, the total dividend pay out will touch 203%. The year saw the commissioning of Terminal 3, and the development of 2 lane road connecting NH and Airport to four lane. CIAL could also expand the solar power capacity to 23.2 MW last year, and this FY, CIAL aims at expanding it to 40 MW, said Chief Minister.CIAL plays an important role in the socio-economic development of the state.It gives job opportunities to over 17,500 personnel ,making it one of the biggest employers in the state, added Chief Minister Pinarayi Vijayan.
CIAL directors namely V. S. Sunil Kumar, Agriculture Minister, Mathew. T. Thomas, Water Resources Minister, M.A. Yusuf Ali, N.V.George, E.M.Babu, K.Roy Paul, A.K.Ramani, V.J. Kurian, MD, Saji.K.George, Company Secretary and Sunil Chacko, Chief Financial Officer were also present in the meeting.