Dhaka Insurance declares 20% cash dividend

Dhaka Insurance has recently recommended a 20% cash dividend to its shareholders for 2022, according to the Dhaka Stock Exchange (DSE).

In 2021, it paid a 25% cash dividend to its shareholders.

To secure shareholders' approval of the declared dividend, the company has scheduled its annual general meeting (AGM) on 31 July. The record date has been fixed on 22 June.

A senior official of the company said, seeking anonymity, that the company has done good business in its regular segments.

But it did not get enough return from its capital market investments compared to the previous year because of a slowdown in the stock market, he added.

In 2022, the company's net profit stood at Tk12 crore, which was Tk14.61 crore in 2021.

The earnings per share of the company decreased by 18% year-on-year to Tk3 in 2022.

Its net asset value per share stood at Tk33.99 with revaluation, and Tk23.36 without revaluation at the end of the year.

Dhaka Insurance was listed on the bourses in 2010. The company offers general insurance products which include fire and allied perils, marine cargo and hull, aviation, automobiles, and miscellaneous.

As of 30 April 2023, sponsors and directors jointly held 61.35%, institutions 9.56%, foreign investors 0.10%, and the general public 28.99% shares in the company.

Its share price stood at Tk64.30 each on Wednesday, which was 5.3% lower than the previous session at the DSE.