GSP Finance bleeds, skips dividend for fourth straight year
The firm’s net asset value (NAV) per share fell steeply to Tk4.60 in 2024 from Tk18.05 a year earlier, while its net operating cash flow per share remained negative at Tk1.06, compared to Tk1.69 in the previous year.
GSP Finance Company (Bangladesh) slipped deeper into losses again in 2024, forcing the non-bank lender to skip dividend payouts for the fourth consecutive year.
With the gradual deterioration of its financials, its share price sunk to Tk3.10 on the Dhaka Stock Exchange (DSE) today (3 September), among the lowest in the market.
According to its financials, approved by its board on Tuesday, the net loss of the NBFI surged to Tk185.22 crore with per share loss of Tk11.79.
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The once-profitable lender has been reporting losses for three consecutive years – since 2022, when it posted Tk17 crore in the red. The figure widened sharply to Tk152.87 crore in 2023, largely due to unusually high provisions against loans and investments.
The firm's net asset value (NAV) per share fell steeply to Tk4.60 in 2024 from Tk18.05 a year earlier, while its net operating cash flow per share remained negative at Tk1.06, compared to Tk1.69 in the previous year.
As per the DSE website, GSP Finance last paid a 10% stock dividend in 2020. Since then, it has failed to reward shareholders amid its declining financial health.
The company was downgraded from the 'A' to the 'Z' category on 25 September last year.
The company has scheduled its annual general meeting for 14 December, with 14 October set as the record date to identify shareholders.
Jan-Jun 2025
The financial blows for GSP Finance continued in the first half of this year as well. Between January and June, the loss widened significantly compared to the same period of the previous fiscal year.
As per its disclosure, it incurred a loss of Tk75.39 crore in the first half of 2025 with per share loss of Tk4.80, which was Tk49.69 crore and Tk3.16 respectively a year earlier.
Its NAV per share also turned negative at Tk0.20, down from Tk4.60 a year earlier.
GSP Finance, listed in 2012, has a paid-up capital of Tk157 crore. As of June this year, sponsor-directors held 12.02% shares, institutions 37.47%, and general investors 50.51%.
