Pioneer Insurance’s profit declines by 12% in 2022

Despite a 12.14 per cent decline in profits, the board of directors of the Pioneer Insurance Company has recommended 30 per cent dividend for the general shareholders for the year ended on December 31, 2022.

Of the declared dividend, 25 per cent is cash and 5 per cent stock.

As per the data, net profit of the Pioneer Insurance decreased by 12.14 per cent to Tk 51.56 crore in 2022, which was Tk 58.68 crore in 2021.

Earnings per share (EPS) of the company stood at Tk 6.09 while net asset value (NAV) per share was Tk 46.88 and net operating cash flow per share (NOCFPS) was Tk 7.57 in 2022. In 2021, its EPS was Tk 6.93.

According to the financial statement, the board of directors has recommended the dividend with the intention to increase the paid-up capital of the company, which will strengthen its financial status both in local and international insurance market.

Additionally, the bonus share is declared out of accumulated profit. It is not declared from capital reserve, revaluation reserve or any unrealised gain or out of profit earned prior to incorporation of the company.

Previously, Pioneer Insurance Company declared a 25 per cent cash dividend in 2021, 20 per cent in 2020 and 2019, and 15 per cent in 2015 to 2018. The company also declared a 10 per cent stock dividend in 2021, 2020 and in 2015. In 2014, it was 25 per cent, 20 per cent in 2013 and 2012, 30 per cent in 2011, and 25 per cent in 2010 and in 2009.

On the DSE trading floor on Tuesday, the company closed its shares at Tk 71.50.