Nitol Insurance buys land for expansion

Nitol Insurance Co. has announced that its Board of Directors has decided to purchase a piece of land of 10 Katha in Purbachal New Town of Rupganj, Narayanganj.

The land total purchasing cost will be around Tk 20 Crore, awaiting the approval of the Insurance Development and Regulatory Authority (IDRA). The company aims to expand its operations and infrastructure with this acquisition.

The company’s EPS for July-September of 2022 was reported to be Tk 0.32, down from Tk 0.68 in the same period in 2021. Similarly, the EPS for January-September 2022 was Tk 1.39, declining from Tk 2.05 in the same period last year.

For the April-June 2022 period, the EPS was Tk 0.42, down from Tk 0.73 in 2021, while the EPS for January-June 2022 was Tk 1.07, a decrease from Tk 1.37 in 2021. These numbers indicate a decline in the company’s earnings compared to the same period in the previous year.

However, it is worth noting that the company’s Board of Directors has recommended a 12.50 per cent cash dividend for the year ended December 31, 2021.

Listed in 2005, Nitol Insurance Co. has a paid-up capital base of Tk 40.2 crore against Tk 50 crore authorized capital.

On Wednesday at the country’s premier bourse, the company’s shares closed at Tk 36.80 which is 0.81 per cent less than the previous day’s trading.