Square Textile declares 32% cash dividend for FY24
Its board also approved Tk35cr investment for BMRE
Square Textile PLC has recommended a 32% cash dividend for its shareholders for the fiscal year 2023-24, surpassing last fiscal's 30% payout.
The decision was made during the company's board meeting held today, where an additional Tk35 crore investment for balancing, modernisation, rehabilitation, and expansion (BMRE) was also approved.
According to a price sensitive information (PSI), published on the different news portal, Square Textile's consolidated earnings per share (EPS) slightly increased to Tk5.89 for FY24, compared to Tk5.81 in FY23.
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Following the dividend announcement, the company's share price rose by 2.79%, or Tk1.4, reaching Tk51.50 per share at the Dhaka Stock Exchange (DSE).
Its net asset value (NAV) per share stood at Tk51.82, , while its net operating cash flow per share (NOCFPS) was negative at Tk12.59. These figures contrast with the previous year's NAV of Tk48.93 and NOCFPS of Tk3.79.
Square Textile's annual general meeting (AGM) is scheduled for 18 December, through a digital platform, with the record date for shareholders set for 21 November.
In FY23, the company posted a profit of Tk114.52 crore and paid a 30% cash dividend to its shareholders, along with approving Tk45 crore investment for the BMRE purposes.
However, in FY22, it made a profit of Tk195.85 crore and paid 35% cash dividend to its shareholders.
Listed on the DSE in 2002, Square Textile's sponsor-directors hold the majority stake of 61.83%, while institutional investors own 23.09%, foreign investors 2.75%, and the general public holds 12.33%, as of September this year.
