Green Delta Insurance fails to introduce workers’ profit fund

Auditors of Green Delta Insurance raised question as to why the insurer failed to introduce a workers’ profit participation fund, which is a must as per the country’s labour law.

The insurer’s non-compliance came out in its auditor’s report for the year ended in December 2022, according to a disclosure posted on the DSE website on Wednesday.

Green Delta Insurance’s net profit dropped by 7.12 per cent in 2022 due to a decrease in earnings from subsidiaries and increased claim expenses.

However, the company reported a consolidated net asset value (NAV) per share of Tk 68.96, and a consolidated net operating cash flow per share (NOCFPS) of Tk 5.94 for 2022, compared to Tk 69.32 and negative Tk 1.70 respectively for the previous year.

The company announced a 25 per cent cash dividend for its shareholders for the financial year that ended on December 31, 2022.

The earnings per share (EPS) decreased to Tk 7.30 in 2022 from Tk 8.43 in the previous year.

Recently, the insurer’s board of directors approved the purchase of a piece of commercial land measuring 12.89 decimals at a cost of Tk 75 crore, excluding registration and incidental costs, located at Plot 36, Road 46, Gulshan 2, Dhaka, subject to the approval of regulatory authorities.