June 13, 2017 / 1:45 PM / 6 months ago

BRIEF-Ukraine's IMC plans dividend at up to 10 pct of 2016 profit

June 13 (Reuters) - Industrial Milk Company (IMC):

* 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: (Reporting by Bartosz Chmielewski; Writing by Marcin Goettig; editing by David Clarke)

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