Two companies declare dividends

Far East Knitting & Dyeing Industries Ltd and Index Agro Industries Limited have declared 10 per cent and 25 per cent cash dividends respectively for their shareholders for the year ending on June 30.

The boards of directors of the publicly traded companies fixed the dividends in recent meetings, said officials.

Textile manufacturing company Far East Knitting had disbursed five per cent dividends in the financial year 2019-2020.

It will provide comparatively higher dividend for the recently finished year as it has reported a significant growth in its profit during the period.

Far East Knitting’s earnings per share (EPS) were Tk 0.79 in FY21, which was Tk 0.32 in FY20.

The company’s share closed at Tk 17.9 at the Dhaka bourse on Thursday, down by 1.65 per cent compared to that of previous session. It has a market capitalization of Tk 398 crore.

Far East Knitting will hold a virtual Annual General Meeting (AGM) on December 23 to get the dividend approved.

Established in 1994, the company has evolved from a small garments manufacturing plant into one of the leading composite textiles industry in the country, with integrated, knitting, high end dyeing, finishing, state of the art printing, pigment dyeing and garment washing.

It got listed with the Dhaka and Chattogram bourses in 2014.

On the other hand, Index Agro Limited defied its losses to declare the 25 per cent cash dividend for the financial year 2020-2021.

It reported earnings per share (EPS) of Tk 5.63 for FY21, when the figure was Tk 6.78 in the previous year.

It will hold an Annual General Meeting (AGM) on December 9 for final approval of the dividend. It also set October 31 as the record date.

An official of the company said that the declared dividend is only for the general investors.

The major businesses of Index Agro are manufacturing and marketing of poultry feed, fish feed and producing Day Old Chicks (DOC). The company listed in stock market this year.

It was incorporated in 2000 and converted into public limited company in 2015.

It has an associate company named X-Ceramics Ltd. where the issuer holds 24.39 per cent shares.