Rustam Minnikhanov takes part in annual general meeting of TAIF Company's shareholders

On April 17, Tatarstan President Rustam Minnikhanov took part in the annual general meeting of shareholders of TAIF Production and Investment Company in Kazan.

Director ​General of TAIF Company Albert Shigabutdinov made a report on results of work of TAIF Group of Companies and TAIF Company in 2016. He noted that the last year was not easy for the group and it was required to mobilize resources to fulfill the tasks set in the conditions of economic instability and the ongoing crisis.

According to results of 2016, TAIF Group of Companies received a balanced income, including indirect taxes, in the amount of 626 billion roubles. The balanced revenue totalled to 539 billion roubles, EBITDA made 133 billion roubles.

A total of 60 billion tax payments and fees were paid to budgets of all levels and extra-budgetary funds, including 20 billion roubles to the budget of the Republic of Tatarstan.

TAIF Group of Companies continued to participate in the project of federal significance aimed at the revival of the cultural heritage of Tatarstan.

In 2016, more than 245 billion roubles were allocated for the development, including tax payments, social expenses, environmental protection costs, industrial security and charity. As many as 121 billion roubles of this amount were invested in the development of the group of companies and 78 billion roubles were spent for the construction of new and upgrading of existing production facilities.

In general, in 2016, the investment activity of the TAIF Group of Companies was focused on projects that are of strategic importance for the regional economy.

Shigabutdinov stressed that the results of the activities of 2016 confirmed the effectiveness of the chosen development strategy. He thanked the shareholders and members of the Board for their great trust and assistance in implementing projects of strategic importance.

The meeting approved the annual report, annual financial statements, including a report on financial results, distribution of profit based on the results of the financial year 2016. A new composition of the Board of Directors of TAIF Company was elected.

At the meeting of the new Board of Directors following the shareholders' meeting, at the suggestion of Minnikhanov, First Deputy Director General of TAIF Company Rustem Sultyev was re-elected Board Chairman. The powers of Director General of TAIF Company Albert Shigabutdinov were confirmed.