Central Insurance offers 15% cash dividend

Central Insurance Company declared a 15 per cent cash dividend to its shareholders for the year ending on December 31, 2022 despite a 15.77 per cent decrease in its net profit in the year.

The insurer’s board of directors recommended the dividend at a recently held board meeting, according to a filing posted on the DSE website on Tuesday.

The insurer will hold its annual general meeting (AGM) on May 28 for the approval of the dividend declared from its shareholders.

The company’s net profit in 2022 dropped to Tk 10.7 crore from Tk 12.81 crore in the previous year.

The company reported earnings per share (EPS) of Tk 2.03 for the year 2022, which was Tk 2.51 for the year 2021.

Meanwhile, its net asset value (NAV) per share stood at Tk 49.48 for the year ending in December 2022 against Tk 49.35 for the previous year.

Moreover, its net operating cash flow per share (NOCFPS) stood at Tk 2.51 for 2022, which was Tk 2.77 for the year ending on December 31, 2021.

There will be not price limit for the trading of Central Insurance Company shares today following the company’s corporate declaration.

Earlier, in November 2022, Mohd Abul Kalam, one of the sponsor directors of the insurer, gifted 11,00,000 shares from his holding to his daughter Rizwana Afroze Binte Kalam, a general shareholder of the company.

The transfer was made outside the trading system of the exchange as per a declaration disseminated on October 31 last year.

Moreover, Nabab Siraj-Ud-Dawlla, another sponsor of the company, also gifted 10,63,398 shares from his stake to his wife Farhana Alam, a general shareholder of the company.