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Geojit clears 70% dividend

KOCHI: The annual general meeting of Geojit Financial Services here on Saturday approved a dividend of 70 per cent for the financial year 2007-08. This will result in a payout of Rs. 17.11 crore, including the dividend distribution tax. Geojit had paid a dividend of 40 per cent for 2006-07.

The meeting re-elected Rakesh Jhunjhunwala and R. Bupathy, former president of the Institute of Chartered Accountants of India, directors of the company. It adopted the audited financial results of the company for 2007-08, along with the directors’ report. A.P. Kurian, chairman, presided over the meeting.

Addressing the shareholders, Mr. Kurian said, “For fiscal year 2007-08, the company posted an impressive 133 per cent increase in its net profit to Rs. 58.66 crore and consolidated revenues went up by 76 per cent to Rs. 239.73 crore. Barjeel Geojit Securities, Geojit’s joint venture in the UAE, recorded an equally impressive growth of 150 per cent in its net profit for the same period.”

“Geojit has continued with its strategy of spreading its reach across India and overseas, adding to its portfolio of services and products and constantly updating its technology platform. This strategy has succeeded in achieving excellent overall performance and meeting customer expectations. Fifty new branches were opened during the year.”

C.J. George, managing director, informed shareholders that BNP Paribas Securities India Private Ltd., a joint venture between BNP Paribas S.A. and Geojit Financial Services for institutional broking planned for in 2007-08, will start operations this quarter. Aloula Geojit Brokerage Company, Geojit’s joint venture in Saudi Arabia, will also do so.

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