Square Pharma declares record dividend, Tk400cr expansion plan

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.

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.