Alrosa 2003 Dividend Payout Soars 71 Percent

Russian diamond mining giant Alrosa is to pay a dividend per share for 2003 of 6,000 rubles ($20.7) – a 71 percent rise on 2002, its shareholders decided at its annual general meeting held on Saturday.

The company did not provide any explanation for the substantially higher dividend payout, however the company reported that net income for 2003 jumped 50 percent.

Alrosa said the dividend payment would cost it 1.2 billion rubles ($413 million).

Alrosa shareholders also elected officers to its Supervisory Board at the June 21 Annual General Meeting.

These include Alrosa President Vladimir Kalitin, Russian Finance Minister Alexei Kudrin, Sakha President Vyacheslav Shtyrov, Sakha Finance Minister Ernst Berezkin Sakha government chairman Egor Borisov and several other Sakha deputy ministers and officials.

Alrosa’s two main shareholders are Russia's Property Ministry with 37 percent and the Yakut State Property Management Ministry with 32 percent.