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Provati Insurance posts 41% lower profits in 2022

Staff Correspondent
26 May 2023 00:00:00 | Update: 26 May 2023 01:11:00
Provati Insurance posts 41% lower profits in 2022

Provati Insurance Company registered a 41 per cent lower profit in the year ending in December 2022 over the previous year.

The listed insurer’s net profit fell to Tk 10.16 crore in 2022 from the profit of Tk 17.33 crore in the previous year, as per a disclosure filed with the Dhaka Stock Exchange (DSE) Thursday.

Similarly, the company’s earnings per share (EPS) dropped to Tk 2.52 in 2022 from Tk 4.30 in 2021.

Its net asset value per share fell from Tk 22.34 in 2021 to Tk 20.68 in 2022.

The insurer’s net operating cash flow per share stood at Tk Tk 1.89 at the end of 2022, which was Tk 7.07 at the end of the previous year.

The board of directors of the non-life insurance company proposed a 12 per cent cash dividend to its shareholders for the year ending in December 2022.

Meanwhile, the listed company reported earnings a decline of 39 per cent in the first quarter (January-March) of 2023 on a year-on-year basis.

The company’s earnings per share (EPS) dropped to TK 0.73 in January-March 2023 from Tk 1.119 in the same period a year ago.

The insurer’s shares remained unchanged at Tk 58.59 per share over the the previous day on the DSE trading board Thursday. The company will hold its annual general meeting (AGM) on August 2 through a digital platform. The record date for the share splits has been fixed for June 19, 2023.