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2008 June 26   13:28

Net profit of North Western Shipping Company up 85.36% to RUR 128.304 million in 2007

In 2007, net profit of North Western Shipping Company OJSC grew by 85.36%, year-on-year, to RUR 128.304 million, the company announces. The company’s sales proceeds amounted to RUR 2.955.197 billion.

Annual meeting of the company’s shareholders considered and approved the company’s financial results for 2007, as well as distribution of the profit and the size of dividends. RUR 26.465.274 million of the net profit is to be paid as dividends, RUR 6.415.219 million – to be spent for the company’s reserve fund, RUR 95.423.901 million – to leave for the company’s disposal. The dividends are to make RUR 2.75 per share, the nominal value of which is RUR 12. 5.

The company’s general meeting elected the Board of Directors including:

Bagautdinov R.D. – Director General, Infotek-Baltica-M CJSC;

Bilyarova D.R. – Expert, Rosimushchestvo;

Varfolomeeva Yu.S. – Senior Expert, Rosimushchestvo;

Kasyanenko V.V. – Head of Department for Foreign Economic Relations, Infotek-Baltica CJSC;

Kosinov Denis – Managing Director, Forestland Limited (Nicosia, Cyprus);

Olersky V.A. – Commercial Director, Infotek-Baltica CJSC;

Ryabinina A.Yu. – deputy Director General, Marine Transportation, NTK LLC;

Chelyadin S.V. – Director General, Sea Port of Saint Petersburg OJSC;

Cheprasov I.Yu. – Director, Economic and Finance, Sea Port of Saint Petersburg OJSC ".
According to the company, the priority activities in the nearest years are aimed at construction of new fleet, upgrading of the existing fleet in order to expand the navigation area, development of transportation of new high-profit cargoes, development of container transportation, active participation in large-scale state projects.

North Western Shipping Company (NWSC) is one of Russia’s largest river and sea shipping companies with a focus on the northern trading areas. It was originally founded in 1923 and privatized in 1993.  The territory covered by the company’s activities include inland waterways of Russia’s European part, basins of the Baltic, North, Mediterranean, Black and Caspian seas. The company’s fleet numbers 180 self-propelled vessels including 110 cargo carriers with total capacity exceeding 350,000 tonnes and 25 passenger vessels. 90 sea-and-river-going vessels operate round-the-year. Annually, the company’s vessels make over 2,500 calls to 300 foreign ports of 30 countries of Europe, Asia and Africa. The company’s annual throughput makes some 6 million tonnes of cargo per with 5 million tonnes falling on foreign transportation.

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