MRF Board recommends final and also special dividend

Chennai, June 7 Tyre major MRF Ltd on Monday said it closed last fiscal with a total income of Rs 16,128.58 crore and a net profit of Rs 1,249.06 crore.

The company had closed FY20 with a total income of Rs 16,321.64 crore and a net profit of Rs 1,394.98 crore.

The company also said the Board of Directors have recommended a final dividend of Rs 94 (940 per cent) per share with a face value of Rs 10.

In addition to the final dividend, the MRF Board has recommended a special dividend of Rs 50 (500 per cent) per share of Rs 10 each in connection with the 60th Annual General Meeting of the Company.

The company has already declared and paid two interim dividends of Rs 3 each (30 per cent) per share for the financial year ended 31st March, 2021.

The total dividend for the financial year ended 31st March 2021 (including the special dividend) works out to Rs 150 (1,500 per cent) per share of Rs 10 each.

The year 2021 also marks the completion of 75 years of establishment of Madras Rubber Factory (which was originally established in 1946 as a proprietorship concern for manufacture of toy balloons).

Madras Rubber Factory later took up manufacture of tread rubber at which time it was converted into a partnership concern. Subsequently during the year 1960, it was converted into a limited company after which it started manufacture of automotive tyres and tubes.