The Cabinet of Ministers of Ukraine on December 27 plans to approve the updated financial plan of JSC Turboatom (Kharkiv) for 2019 with a net profit of UAH 827.68 million, which is 8.3% more than in 2018, according to the documents available to the Interfax-Ukraine agency. According to them, one of the goals of making corrections to the financial plan is to pay UAH 993.63 million to the state this year, including UAH 517.43 million as dividends for 2018.
Other indicators of the updated draft financial plan are not yet available to the agency.
Last year, the Cabinet of Ministers approved Turboatom’s financial plan for 2019 with a net profit of UAH 798.33 million and a revenue of UAH 2.737 billion.
In 2018, the company increased its net profit by 7.6%, to UAH 764.24 million, and its net income grew by 10%, to UAH 2.615 billion.
The shareholders of Turboatom at a meeting on April 17 decided to send 50% of net profit for payment of dividends for 2018, in particular UAH 382.1 million, including UAH 287.5 million to the state (as the owner of more than 75%). The Cabinet of Ministers then increased the norm of dividend payment to 90%. The director of the enterprise, Viktor Subotin, and Kharkiv Regional Council opposed the decision, however, the Ministry of Finance repeatedly insisted on the payment of increased dividends.
