Energypac Power Generation has been reinstated to the B category on the Dhaka Stock Exchange (DSE) just one day after being downgraded to the Z category. The downgrade on September 25 was due to the company’s failure to disburse at least 80% of its declared dividend for the fiscal year 2022-23, resulting in a share price drop of over 9%. However, after the company announced a 5% cash dividend, the DSE restored its B category status effective September 30. Following this reinstatement, Energypac’s share price rose by 4.76% to Tk17.60.
Despite the dividend payment, Energypac reported a loss of Tk44.83 crore for FY23, a decline from a profit of Tk7.13 crore in FY22. In the first nine months of FY24, the company generated Tk212 crore in revenue, with a profit of Tk2.61 crore, down from Tk457 crore in revenue and Tk6.88 crore in profit during the same period the previous fiscal year. The DSE’s downgrading affected 27 companies, including Union Insurance, which also faced a downgrade for similar dividend issues.
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