GSP Finance incurs Tk78cr loss in Jan-Sep

GSP Finance Company (Bangladesh) Ltd, a publicly listed non-bank financial institution (NBFI), incurred a loss of Tk78.51 crore during the January-September period of this year.

According to its quarterly unaudited report, its consolidated loss per share stood at Tk5 at the end of the first nine months of this year, which was a loss of Tk4.30 per share during the same period.

On Thursday, GSP Finance's shares closed at Tk6, lowering 3.23% from the previous session at the Dhaka Stock Exchange.

Earlier, its board of directors decided not to declare any dividends for shareholders for the last year.

In 2023, the company incurred a whopping Tk152.87 crore loss due to the high provision requirement against bad loans.

In 2022 too, it did not pay any dividend to its shareholders for incurring loss.

The annual general meeting will be held on 29 December. The record date, to determine shareholders entitled to the meeting, has been set as 12 December.

On 25 September, the company's shares were downgraded to the Z category from the A category due to its failure to pay dividends to shareholders.

According to its financial statement, GSP Finance's consolidated loss per share in 2023 was Tk9.73, which was eight times higher than the previous year.

In the January-September period, the company's consolidated net asset value per share stood at Tk13.05, which was 28% lower than the last year.

GSP Finance was listed on the bourse in 2012. Its current paid-up capital is Tk157 crore.

As of 31 October 2024, sponsors and directors jointly held 24.44%, institutions 29.05%, and public investors 46.51% of the shares in the company.