Al-Madina Pharma offers higher dividend to general shareholders despite profit drop
In FY23, the company had paid a 10% cash dividend to all shareholders
Al-Madina Pharmaceuticals, a publicly listed firm on the SME platform, has proposed a 12% cash dividend exclusively for its general shareholders, excluding sponsor-directors, despite a 44% decline in net profit for FY24.
As a result, general shareholders, who own 61.50 lakh shares of the company, will be entitled to the declared dividend.
The proposed dividend amount for the general shareholders is Tk73.80 lakh, according to the company's price-sensitive information (PSI).
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In FY23, the company had paid a 10% cash dividend to all shareholders.
According to its financials, the company made a profit of Tk1.77 crore for FY24, down from Tk2.51 crore in the previous fiscal year.
Its earnings per share (EPS) stood at Tk0.87 in FY24, compared to Tk1.57 in the previous year.
According to the PSI, directors Md Zakir Hossain Patwary, Md Billal Hossain, and Md Kamrul Alam will not be entitled to the recommended dividend.
The company's annual general meeting will be held on 26 December via a digital platform, with the record date for identifying shareholders set for 31 October.
Al-Madina Pharmaceuticals raised Tk5 crore from the stock market through a qualified investor offer (QIO) and began trading shares on the SME Platform of the Dhaka Stock Exchange (DSE) on 29 May 2023.
The company issued 50 lakh shares at a face value of Tk10 each and used the funds to expand its business and repay loans.
Incorporated in 2006, the company manufactures over 150 veterinary drugs and imports more than 70 human drugs.
