ACI returns to profit after two losing years
The company had suffered losses mainly due to its high finance costs over the previous two fiscal years alongside improvement in some of its businesses. A drop in interest expenses helped the company post the meager profits this year, analysts estimate going through the quarterly disclosures
ACI Limited reported a return to profit in the 2020-21 fiscal year after two consecutive loss making years.
The listed conglomerate's earnings per share (EPS) was Tk5.5 for the latest fiscal year, against its per share loss of Tk16.78 for the 12-month period ended in June 2020.
The mother company ACI Limited on a standalone basis secured an EPS growth to Tk36.25 from Tk27.24 in the previous fiscal year.
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But, its loss making subsidiaries dragged the consolidated profit drastically down and to know about the loss making subsidiaries investors will have to wait until the company publishes its annual report.
However, the positive earnings for the year increased the company's consolidated net asset value (NAV) per share to Tk162.65 at the end of June this year.
The company had suffered losses mainly due to its high finance costs over the previous two fiscal years alongside improvement in some of its businesses. A drop in interest expenses helped the company post the meager profits this year, analysts estimate going through the quarterly disclosures.
The ACI board of directors has recommended a 65% cash dividend and 15% stock dividend.
Its annual general meeting will be held virtually on 26 December.
In the Dhaka Stock Exchange, ACI stocks closed at Tk316.7 on Thursday.
ACI Formulations, another listed company of the Group has more than doubled its consolidated EPS to Tk4.74 for the 2020-21 fiscal year, from Tk2.06 in the 2019-20 fiscal year. At the end of June, its NAV per share stood at Tk66.77.
Its board recommended a 30% cash and 5% stock dividend.
ACI Formulations stocks closed at Tk159.8 on Thursday.
