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IBN SINA declares 60% cash dividend for FY23

Staff Correspondent
29 Aug 2023 21:13:15 | Update: 30 Aug 2023 11:00:05
IBN SINA declares 60% cash dividend for FY23

The IBN SINA Pharmaceutical Industry has declared a 60 per cent cash dividend for its shareholders for the year ended in June 2023.

The company also gave 60 per cent cash dividend for FY22, which was the highest in its history.

The company, however, has been giving handsome dividends since 2009 due to its stable business growth.

The drug maker will hold an annual general meeting (AGM) on October 22, and the record date for the dividend entitlement is set at September 21.

In the previous fiscal year of 2020-21, the drug manufacturer had paid 47 per cent cash dividends, which was 38.5 per cent cash in FY20, 30 per cent in FY19 and 30 per cent in FY18.

It is here mentionable that The IBN Sina Pharmaceutical Industry announced plan to invest Tk 10 crore in its subsidiary- The IBN Sina API Industry - to purchase capital machinery this fiscal year.

It already invested Tk 25 crore in the project, and after the new investment the total amount will be Tk 35 crore.

The IBN Sina API Industry is a 100 per cent subsidiary of the publicly-traded pharmaceutical company.

In April 2023, the drug maker had purchased 42.9 decimal of land in Chattogram and 34 decimal in Barishal to set up sales depots, according to a regulatory filing.

The purchased price of the lands was Tk 5.58 crore in total, excluding registration fee and other additional expenses.

The company had also announced its intention to invest in IBN SINA Natural Medicine Ltd in June last year with almost 100 per cent ownership.

That time, it was said the board of directors of the listed drug maker decided to transfer a part of the net assets aggregated value of Tk 20.81 to IBN SINA Natural Medicine Ltd.

The company’s consolidated earnings per share (EPS) stood at Tk 19.38 in FY23, which was Tk 19.39 in FY22.

Its consolidated NAV per share stood at Tk 96.68 as on June this year, while the consolidated NOCFPS was Tk 28.08.

The IBN SINA Pharmaceutical produces drugs such as herbal and Unani medicines. Gazipur is the home to its manufacturing facilities.

The IBN SINA made its stock market debut in 1989.

On Tuesday, its share price remained unchanged at Tk 286.60 per share on the Dhaka Stock Exchange (DSE).