Press release: TAIF Group holds AGM and sums up the results of its operations in 2016
Today, the Annual General Meeting of TAIF PSC Shareholders was held to summarize the results of TAIF Group's and the Company's operations in 2016. Rustam Minnikhanov, the President of the Republic of Tatarstan, participated in the meeting.
A report on the results of TAIF Group's and the Company's activity in the reporting year was delivered by Albert Shigabutdinov, General Director, TAIF PSC. In the report, he mentioned that the past year was difficult and tense for TAIF Group. The General Director emphasized that, in the context of economic instability and continuing crisis, the companies of TAIF Group managed to mobilize all available resources to complete the tasks set and achieve the results obtained.
In the reporting year, TAIF Group earned consolidated proceeds, including indirect taxes, in the amount of RUB 626 billion. Consolidated sales revenue amounted to RUB 539 billion, and EBITDA - RUB 133 billion. Out of the income earned, RUB 60 billion of taxes and fees were paid to all-level budgets and non-budgetary funds, including RUB 20 billion paid to the budget of the Republic of Tatarstan. TAIF Group's companies implemented large-scale environmental activities, social programmes and programmes aimed to support education, culture and sports. TAIF Group has continued its participation in the Federal Project aimed at the revival of the cultural heritage of Tatarstan. In 2016, more than RUB 245 billion was contributed in the development of the country, including tax payments, social expenditures, environmental costs, and industrial safety and charity expenditures, out of which RUB 121 billion was spent for the Group's own development, including RUB 78 billion spent for the construction of new industries and the upgrading of those already existing.
In 2016, the investment activities of TAIF Group were focused on the implementation of projects of strategic importance for the economies of the Republic of Tatarstan and the Russian Federation. All of the Group's companies were actively involved in the implementation of the 2015-2030 Development Programme, which is just another stage of TAIF Group's long-term development programme.
In his speech, Albert Shigabutdinov, TAIF PSC General Director, noted that the performance achieved in 2016 confirmed the efficiency of the development strategy chosen and proved the relevance of the priorities set. He expressed great appreciation to the shareholders and members of the Board of Directors for high trust and assistance in the implementation of projects of strategic importance for entire Russian economy.
The annual report, the annual accounting statements including the income statement and the profit distribution based on the 2016 financial performance were approved, and a new Board of Directors of TAIF PSC was elected at the meeting. In the meeting held by a newly elected Board of Directors after the conclusion of the Annual Shareholders' Meeting, following the proposal of Rustam Minnikhanov, the President of Tatarstan, Rustem Sulteev, First Deputy General Director, TAIF PSC was re-elected as a Board Chairman. The powers of Albert Shigabutdinov in the capacity of TAIF PSC's General Director TAIF PSC were confirmed.
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