Krishibid Seed sees 24% lower profit in FY23
Declared a 5% cash dividend for FY23
Krishibid Seed — a sister concern of the Krishibid Group — has reported a 24% year-on-year decline in its net profit after tax in the fiscal 2022-23.
Because of this decline in profit, the listed seed producer on the Dhaka Stock Exchange (DSE) SME platform has recommended only a 5% cash dividend for FY23. In the previous fiscal, the dividend paid was 15% cash.
According to a disclosure on the DSE website on Tuesday, the company's profit stood at Tk2.31 crore at the end of FY23. Its earnings per share stood at Tk0.77.
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After the company's financial disclosure, its share price on Tuesday fell by 8.44% to Tk21.17 each at the DSE.
The annual general meeting will be held on 28 December through a digital platform, and to identify shareholders for dividend entitlement, the record date has been fixed on 30 October.
The company's net asset value per share stood at Tk11.57 and net operating cash flow per share at Tk1.18.
Krishibid Seed, incorporated in 2016, produces and imports different kinds of seeds, such as vegetables, maize, rice, wheat, oil, pulse, grass, and potato.
In January last year, Krishibid Seed got Bangladesh Securities and Exchange Commission's nod to raise Tk11.60 crore through a qualified investor offer (QIO).
It raised the money from the stock market to construct a cold storage, a storage building, and seeds research and development facilities.
The share trading of the company started from 12 April 2022.
