Square Pharma declares record dividend, Tk400cr expansion plan
AGM on 14 December, record date 16 November
Country's leading drug maker Square Pharmaceuticals PLC declared a record 105% cash dividend to its shareholders for the fiscal 2022-23 and decided to invest Tk400 crore to boost its production.
In the previous 2021-22 fiscal year, the company paid a 100% cash dividend to its shareholders.
In a board meeting on Sunday, Square Pharma's board of directors announced the said dividend and approved a Tk400 crore investment for Balancing, Modernisation, Rehabilitation and Expansion (BMRE), capital machinery and lands for future expansion.
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To approve the dividend and audited financial statement, the company will hold the annual general meeting (AGM) on 14 December through a digital platform. The record date is 16 November.
According to the company's price sensitive statement, Square Pharma made a profit of around Tk1,900 crore in FY23, which was also the highest profit in its history.
In FY23, its earnings per share (EPS) stood at Tk21.41, which was 5% higher than the previous fiscal year. Its net asset value per share grew 9% to Tk129.95 over the previous fiscal.
On Sunday, its shares closed at Tk209.90 each at the Dhaka Stock Exchange (DSE), which was 0.99% lower than the previous session.
Meanwhile, Square Textile, another concern of the Square Group, also declared a 30% cash dividend for the last fiscal year and also decided to invest Tk45 crore for future expansion.
But in FY23, its EPS dropped 41% to Tk129.95 over the previous fiscal year.
