Port of Tallinn to pay dividends on 75% of past financial year's profits
The part-state-owned Port of Tallinn (Tallinna Sadam) is to pay a dividend of 7.3 cents per share, totaling €19.2 million, or 75 percent of its profit over the past year.
The Estonian state owns a 67-percent stake in the Port of Tallinn, following an IPO issued several years ago.
Valdo Kalm, Port of Tallinn CEO, said: "The recovery of passenger business from the pandemic has been faster than expected, while in the freight sector, in addition to the negative effects of the Ukraine war, we also see opportunities for the growth of other types of cargo."
"Despite these crises, we continue to be a profitable company and our strong liquidity position allows us to once again exceed the dividend promise made," Kalm went on.
Port of Tallinn turnover rose 11 percent in the past financial year, to €121.7 million, while profits stood at €25.6 million over the same period, a negligible fall (of 0.1 percent) on the previous year, the company reports.
The Port of Tallinn management board proposed the €0.073 per share dividend at a recent AGM, totaling as noted 75 percent of profits.
The company's dividend policy states that it must pay at least 70 percent of profits in dividends, while the roster of shareholders entitled to receive dividends is scheduled to be published on May 10, with disbursements to follow two days later.
The Port of Tallinn manages not only the Old City Harbor, but also the Port of Paldiski, to the west of the capital, and Muuga Harbor, to the east. Last year it sold off the Paljassaare Harbor, on the Kopli peninsula, in North Tallinn.
A long-running corruption trial relating to the company which began in 2019 was earlier this week put back to square one, on a technicality.
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Editor: Andrew Whyte, Barbara Oja