Home ›› 18 Apr 2023 ›› Stock
Meghna Insurance Company Limited reported a 40 per cent increase in its net profit in the year 2022, thanks to higher gross premium income.
The insurer posted Tk 5.28 crore in net profit in 2022, up from Tk 3.76 crore in 2021, according to a filing posted on the Dhaka Stock Exchange (DSE) website on Monday.
The company’s earnings per share (EPS) rose to Tk 1.32 for 2022 from Tk 0.97 for the previous year.
The insurer’s board of directors recommended a 10 per cent cash dividend for its shareholders for 2022.
The listed company will hold its annual general meeting (AGM) on June 25 through a digital platform. It has fixed the record date for May 25 for the share splits.
The insurer paid a 3 per cent cash dividend for its stockholders for 2021.
In 2022, the company’s net asset value per share was Tk 17.21, up from Tk 17.88 in 2021.
The insurer has been listed on Dhaka Stock Exchange (DSE) since June 01, 2022 and on the Chittagong Stock Exchange (CSE) since May 31 same year.
Its share trading on both bourses started on June 08 last year. Before the listing, the paid up capital of the insurer was 24.00 crore. The general insurance company raised 16.00 crore through the IPO.
The insurer in 2021 settled 238 claims worth Tk 14.74 crore on account of fire, marine, motor and miscellaneous insurance business.
Meghna Insurance Company Limited has established a good market reputation for its timely claim settlements and built a strong platform for continuous future growth with the merits of experienced management, according to its annual report.
The company posted a profit before tax of Tk 2.48 crore in 2021, while its net profit was Tk 2.32 crore.
Its gross premium income stood at Tk 75.21 crore in 2021 and Tk 61.94 crore in 2020 which representing 21.43 per cent a growth.
The insurer’s total assets stood at Tk 122.29 crore till December 2021, showing a growth of 30.86 per cent than that in the previous year.
With an authorised capital of Tk 100 crore, the company has a paid-up capital base of Tk 40 crore, and securities worth Tk 4 crore.
Meghna Insurance shares closed at Tk 29.90 per share on the DSE trading floor on Monday.
According to the DSE data, its sponsor-directors owned a 30.28 per cent stake in the company, while institutional investors held 19.24 per cent, and the general public 50.48 per cent till March 2023.
