City-based Dredging Corporation of India (DCI) declared a 30 per cent dividend on Wednesday at its annual general meeting held in New Delhi.

A cheque for Rs. 6,17,93,100 was handed over by Chairman and Managing Director Rajesh Tripathi to Union Shipping Minister Nitin Gadkari in New Delhi, according to a statement issued here.

The DCI’s turnover was Rs. 744 crore during the year (2014-15) as against Rs. 773 crore the previous year.

The target for the current year is Rs. 858 crore and the achievement till June was Rs. 185 crore. The profit after tax was Rs. 62 crore as against Rs. 38 crore the previous year. The company, during the year, dredged 65 mln. cu.m. against 74 mln. cu.m the previous year. The target for the current year is 70 mln. cu.m and the achievement till June was 14 mln. cu.m.

The government disinvested 5 per cent of the stake during the year, 14 lakh shares, amounting to Rs. 54 crore, and after disinvestment the government’s stake has been reduced to 73.56 per cent.

The DCI executed maintenance dredging contracts at Kandla, Kolkata, Ernakulam, Cochin, and other ports. It executed capital dredging contracts at Visakhapatnam, Kandla, and Kamarajar ports. During the past three years, the DCI acquired three trailer suction hopper dredgers, the release added.