Pragati Insurance’s board of directors has recommended a record high 30 per cent cash dividend for the year ended on December 31, 2020.
This is the insurance company’s highest cash dividend recommendation after being listed with the Dhaka Stock Exchange (DSE) in 1996. Previously, the company disbursed the highest 30 per cent stock dividend in 2001, based on the data from the DSE.
The dividend’s final approval will come during the annual general meeting (AGM) scheduled to be held on August 26 at 11:30 am using the digital platform.
June 30 is set as the record date, as stated by the company through filing with the DSE on June 1.
The net profit after tax of the non-life insurer increased to Tk 267 million for the year which concluded on December 31, 2020, registering an upturn of 28 per cent, from Tk 209 million of 2019.
Earnings per share (EPS) of Tk 4.07, net asset value (NAV) per share of Tk 53.51, and net operating cash flow per share (NOCFPS) of Tk 8.53 has been reported by the company for the year which concluded on December 31, 2020, as against Tk 3.19, Tk 50.63 and Tk 5.57, respectively for the same period of 2019.
The company also published its first quarter (Q1) in un-audited financial statements on June 1. In line with the Quarter 1 reports, the company’s net profit after tax for January-March, 2021 period was Tk 82.59 million which was Tk 66.46 million in the same quarter in 2020.
The non-life insurer’s EPS stood at Tk 1.26 for January-March 2021 as against Tk 1.01 for January-March 2020.
There will be no price limit on the trading of the shares of the Company today following its corporate declaration, but, the floor price shall be applicable according to the BSEC mandate on March 19, 2020.
Each share of the company, which was listed on the DSE in 1996, closed at Tk 81.80 on May 31. Its shares traded between Tk 32.20 and Tk 89 in the last year.
The company disbursed a 22 per cent cash dividend for the year ended on December 31, 2019.
The company’s paid-up capital is Tk 655.90 million, authorised capital is Tk 2.0 billion and the total number of securities is 65.59 million.
The DSE data has illustrated that the sponsor-directors own 38.10 stakes in the company while the institutional investors own 18.40 per cent and the general public 43.50 per cent as of April 30, 2021.