Western Marine recommends 0.5% cash, 2.5% stock dividends for FY20
The dividends are nominal as the company’s profit was low
Western Marine Shipyard Ltd, a listed company in the engineering sector, has recommended 0.5% cash and 2.5% stock dividends for its shareholders for 2019-20 fiscal year.
The figures were revealed on Tuesday after a meeting of the company's board of directors.
The dividends are nominal as the company's profit was low in the previous fiscal year.
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According to the company's financial documents, its earnings per share (EPS) dropped by 69% in a year. At the end of fiscal year 2019-20, its EPS stood at Tk0.86, down from Tk2.75 in 2018-19.
In the previous fiscal year, the company paid a 15% bonus dividend.
It said the annual general meeting would be held online on 29 December and the record date is 14 December.
Western Marine made a profit of Tk19.73 crore at the end of 2019-20 fiscal year. In the first three quarters of that fiscal year from July 2019 to March 2020, the company's profit was Tk24.78 crore and EPS was Tk1.08.
In the last quarter from April to June 2020, it suffered losses due to the Covid-19 pandemic which amounted to about Tk5 crore.
In 2018-19 fiscal year, the company's profit was about Tk54.81 crore and EPS was Tk2.75. In the first three quarters of that fiscal year, profit was Tk43.69 crore.
Western Marine was listed in the Dhaka Stock Exchange in 2015.
Its principal activities are to establish, build, erect and construct a shipyard, dockyard, slipway, workshop on its own land, purchase or otherwise undertake ownership/management of shipyard, dockyard, slipway, workshop, etc.
