Midas Financing Ltd. reported a 29% increase in its consolidated net loss after tax, reaching Tk12.23 crore in the July–September 2023 quarter. This loss was primarily attributed to a decrease in net interest income; the consolidated loss per share rose to Tk0.85, up from Tk0.66 in the same period in 2022.
The company plans to open a Shariah-based Islamic financing wing in December 2024, with growing customer demand. In 2022, it recommended a 1.5% cash dividend for shareholders and reported consolidated EPS of Tk0.06, down from Tk0.59 a year ago. The consolidated net profit after tax at the end of 2022 was Tk86 lakh, compared to Tk8.84 crore a year earlier.
During January–June 2023, the company’s net loss after tax was Tk42.77 crore, with a net loss per share of Tk2.97. As of September 30, 2023, the outstanding loans stood at Tk976.52 crore, with classified loans representing 14.40% of the total. Sponsor directors hold 41.35% of the shares, institutional investors own 26.60%, foreign shareholders have 0.42%, and general shareholders hold 31.63% of the company. The stock closed at Tk10 per share on the DSE.
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