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The IBN SINA Pharmaceutical Industry has declared a 60 per cent cash dividend—the highest in 13 years--to its shareholders for FY22.
This is the hefty dividend payout by the company since 2009, according to the disclosure made on Tuesday.
“Throughout the fiscal year, the drug maker maintained an upward business trend. As a result, its revenue and profit increased as a result,” Company Secretary Kabir Hossain told The Business Post.
In the previous fiscal year, the drug manufacturer had paid 47 per cent cash dividends, 38.5 per cent in FY20, 30 per cent in 2019 and 30 per cent in 18.
The consolidated earnings per share (EPS) stood at Tk 19.39 in FY22, which was Tk 15.66 in FY21.
And consolidated NAV per share stood at Tk 83.36, consolidated NOCFPS of Tk 13.40 for the year ended June 30, 2022 as against Tk 68.69 and Tk 17.67 respectively for the same period of the previous year.
The IBN SINA Pharmaceutical manufactures drugs such as herbal and Unani medicines. Gazipur is home to its manufacturing facilities.
It will hold an Annual general meeting (AGM) scheduled for October 30 and the record date for the dividend entitlement is set on September 29, 2022.
Plan to operate natural medicine unit
The company’s board of directors has decided to transfer a part of the net assets aggregated value of Tk 20.81 crore as of June 30, 2022 to The IBN SINA Natural Medicine Ltd.
In May, it decided to demerge its natural medicine division by transferring its "assets and liabilities to its 99.99 per cent owned subsidiary company.
In the latest decision, The IBN SINA Pharmaceutical said, “As special resolution in the ensuing Annual General Meeting of the company scheduled to be held on October 30, 2022, and compliance with the necessary regulatory requirements in this regard.”
The board already approved the 'vendors agreement' executed between The IBN SINA Pharmaceutical Industry Ltd and The IBN SINA Natural Medicine Ltd on transferring net assets.
The IBN SINA made its stock market debut in 1989.
On Tuesday, its share rose 2.51 per cent to Tk 310 on the Dhaka Stock Exchange.
