Premier Cement declares 21.50% cash dividend for FY24
Premier Cement Mills has recommended a 21.50% cash dividend for its shareholders for the fiscal year of 2023-24.
The announcement came through a disclosure published on the Dhaka bourse website today. The declaration led to a 4.52% jump in the company's share price, reaching Tk64.80 at the Dhaka Stock Exchange.
The company has scheduled its annual general meeting (AGM) for 30 November 30, to approve the dividend and audited financial statements. The record date has been set for 7 November.
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Despite incurring losses in the fiscal years 2021-22 and 2022-23, Premier Cement had still paid a 10% cash dividend for each of those years. According to its disclosure, the company posted earnings per share (EPS) of Tk7.04 in the last fiscal year, which was a loss per share of Tk7.99 a year ago.
At the end of the last fiscal year, its net asset value per share was Tk65.37, and the net operating cash flow per share was Tk6.27.
Currently, Premier Cement has a total daily production capacity of 19,040 tonnes, placing it close to the market leader - Shah Cement.
The company has spent around Tk1,000 crore to boost its production capacity by using vertical roller mill (VRM) technology. VRM technology allows higher quality cement to be produced at low cost and in a small space. It is also less harmful to the environment, according to the company's annual report.
Premier Cement got listed in the share market in 2013 under the proprietorship of TK Group and GPH Group. That year, it sold its shares to investors for Tk22 with a premium of Tk12.
As of 30 September this year, the sponsors and directors jointly held 45.48% shares, institutional investors 24.12%, foreign investors 0.01%, and the general public held 30.39% shares in the company.
