Eastland Insurance declares 10% cash dividend
Eastland Insurance has announced a 10% cash dividend exclusively for its general shareholders for the fiscal year 2024.
In a recent statement, the company disclosed that its sponsors and directors opted to forgo their dividends due to the insurer's underwhelming financial performance in the past year.
A total of Tk4.93 crore has been allocated for the dividend payout.
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Following financial disclosures on Sunday, Eastland's share price rose by 0.55% to reach at Tk18.20 at the Dhaka Stock Exchange.
To confirm its financials and recommended dividend, the company has scheduled its annual general meeting for 30 June, to be held through the virtual platform.
The record date to identify its shareholders has been fixed on 2 June.
According to the disclosure, its earnings per share (EPS) dropped by 6% year-on-year to Tk1.07 at the end of 2024.
Besides, its net asset value (NAV) per share also decreased to Tk21.12, while net operating cash flow per share (NOCFPS) dropped to Tk0.76 for the year ended 31 December 2024.
The company attributed the fall in NAV per share to the decrease of market value of investment in securities. And NOCFPS decreased due to a reduction in the company's net premium income, it says.
The insurer was listed on the bourse in 1994, and its shares have been trading under the "A" category.
As of February 2025, sponsor-directors held 41.11% of its total shares, while institutional investors 22.18%, and the general public 36.71%.
