By Bizodisha Bureau, Bhubaneswar, August 29, 2018: The public sector aluminum major National Aluminium Company (Nalco) declared it’s highest ever dividend of 114 per cent, payout of Rs 1,102 crores, for 2017-18 as against 56 per cent for the previous year, according to a company press release.

The thirty-seventh AGM of the company was held here on Wednesday. Including the dividend distribution tax, the total amount works out at Rs 1,326.06 crores as against Rs 651.40 crores last year.

The net profit doubled to Rs 1,342 crores from Rs 669 crores in 2016-17.

The company has paid a total of Rs 7,273.59 crores as dividend including Rs 5918.39 crores as the share of the Government of India.

Nalco chairman and managing director Tapan Kumar Chand attributed the success of the company “to team work, strong cost focus and strategic planning. The new business plan of Nalco has set the company on the growth path. The latest results show it. The company is set to scale greater heights.”

The company registered the highest turnover of Rs 9,376 crores, up by 26 per cent over last year. The export earnings amounted to Rs 4,076 crores, up by 12 per cent over last year.

The company is producing alumina at the lowest cost for the second year in succession, adds the release.

The aluminium metal sales amounted to 4,26,316 MT in 2017-18 as against 3,85,518 MT during the previous year. The alumina sales amounted to 13,37,416 MT including export of 12,76,775 MT.

The contribution of the company to public exchequer amounted to Rs 29,877 crores since inception, with Rs 23,410 crores going to the Center and the rest to the State.