Tatarstan President at shareholders meeting of OAO “Kazanorgsintez”: “You worked well in 2013"

On April 23, Tatarstan President Rustam Minnikhanov took part in an annual shareholders meeting of OAO “Kazanorgsintez”. In particular, participants of the meeting approved the annual report, annual financial statements as well as the report on financial activities of OAO “Kazanorgsintez”.

Making a report at the meeting, the company’s Director General Farid Minigulov pointed out that OAO “Kazanorgsintez” completed the year with good results. Despite the reduction in prices in the Russian and world markets, the company’s revenue made 46 billion roubles, exceeding the last year’s figure. The net profit totalled over 2.15 billion roubles, with the industrial growth rate making 107.5 per cent. Farid Minigulov noted that the efficient work allowed the company to prepay the credit debts, reducing the payables from 19.5 to 15.1 billion roubles.

The shareholders decided to allocate almost 647.2 million roubles to pay dividends, and over 1.49 billion roubles to repay loans.

“You worked well in 2013,” Tatarstan President said, pointing out the company’s good development trend, which exceeds the republic's average industrial growth for 2013.

Among the main objectives of the company Rustam Minnikhanov mentioned maintaining the current market position and looking for new markets, producing new kinds of products and dealing with issues related to raw material supply.