Elecon plant from Kazan generous with dividends after years of stall
Elecon paid dividends last time 10 years ago
The Board of Directors of Elecon Plant from Kazan decided to convene an extraordinary meeting of shareholders on 22 November to pay dividends in ordinary registered shares. As Realnoe Vremya found out, the plant wants to allocate 999,9 million rubles for this — 93,78 rubles per share. The individuals who have the right to get the dividends must be defined by 3 December. Money will be transferred to the shareholders’ bank accounts and delivered by post transfer.
Elecon Plant whose revenue in 2020 was 6,5 billion rubles and profit — 1,8 billion (Editor’s note: the latest data isn’t disclosed) can pay dividends for the second time in a year.
On 13 May, the plant’s shareholders decided not to distribute the net profit for 2021 and consequently not to pay dividends. However, at the end of the month, the council of directors convened an extraordinary meeting of shareholders and anyway recommended spending 1,34 billion rubles on dividends — 126,61 rubles per share. This decision was confirmed in early July. It was noted that the dividends were paid from the income of previous years that hadn’t been distributed.
Payouts twice a year are a unique case. The plant doesn’t like to transfer dividends from income. According to some sources, Elecon paid dividends last time 10 years ago, in 2012. They totalled a billion rubles — 93,79 rubles per share, while income of previous years that hadn’t been distributed became the source.
Elecon products installed in Russian missile carriers, intercontinental ballistic missiles
The plant was created in 1939. It was recently awarded the title Enterprise of Labour Glory. 1941-1945 for “its considerable contribution to the Victory in the Great Patriotic War in 1941-1945, mass labour heroism and the dedication of workers of the industrial enterprise who provided uninterrupted production of military and civil products during the Great Patriotic War.”
It is necessary to note that during the wartime many factory workers were conscripted to the front. Military products started to be made in the plant: radiators for tanks and cars, tanks for ammunition, rings for hand shells and other types of products. Khasan Datiyev ruled the factory during those years. The output rose 3,5 times then. Also, a special lab was organised in the enterprise to make luminescent paint for navigation devices in planes, tanks and ships. Academicians Vitaly Khlopin and Sergey Vavilov chaired the development and production of the paints.
Nowadays Elecon develops and manufactures tubular connectors for all sectors of the defence and civil industry and special umbilical connectors for aviation, space and military equipment.
The products of the enterprise are installed in Russian missile carriers, intercontinental ballistic missiles: SS-19, SS-20, Topol-M, almost in all spacecraft, satellites and stations including the ISS. The equipment is used in military and civil aviation as well as in ships and submarines, tanks T-72, T-80, T-90. Modern satellite and navigation systems, television cannot do without the enterprise’s products.