Esquire Knit shares jump 22% following declaration of 10% cash dividend
Share price rose by Tk3.4 to close at Tk18.80
Esquire Knit Composite, a leading readymade garments exporter, saw its share price surge by 22.08% on the Dhaka Stock Exchange today after announcing a 10% cash dividend for general shareholders, based on the company's performance in the last fiscal year.
The company's board of directors on Saturday recommended the dividend along with other financials for FY24. On Sunday, its share price rose by Tk3.4 to close at Tk18.80 on the Dhaka Stock Exchange.
In a stock exchange filing, Esquire Knit reported consolidated earnings per share (EPS) of Tk0.39 for the last fiscal year, which was 37% lower than the previous year. Its net asset value (NAV) per share, including revaluation reserve, was Tk65.17 as of the end of June 2024.
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During this trading session, 10.42 lakh shares of Esquire Knit Composite were traded, with a total transaction value of Tk1.89 crore. For the fiscal year, the company reported a net profit of Tk5.26 crore, down from Tk8.36 crore in the previous year.
The Annual General Meeting (AGM) will be held on 1 January 2025 via a digital platform, where Esquire Knit shareholders will vote on the dividend and the audited financial statements. The record date for the dividend is set for 2 December this year.
In March, Esquire Knit Composite invested Tk5 crore in its subsidiary, L'Esquire Limited, which specialises in manufacturing lingerie products. This investment aims to leverage upcoming export opportunities to secure profit and dividends.
L'Esquire, established in 2019 as a subsidiary of Esquire Knit Composite PLC, is 99.01% owned by Esquire Knit. In addition to lingerie, it produces a wide range of garment products, including men's and women's shirts, trousers, baby dresses, jeans, and sportswear.
Esquire Knit Composite was listed on the stock exchange in 2019 and is known for producing various knit garments.
As of 30 September 2024, the ownership breakdown is as follows: sponsors and directors jointly hold 46.95% of shares, institutions hold 40.82%, and general investors have 12.23%.
