GP approves 130pc cash dividend

The 23rd Annual General Meeting (AGM) of Grameenphone Ltd was held on Tuesday. In compliance with the directives set by the Bangladesh Securities and Exchange Commission and considering the health and safety of all the attending shareholders, staff, and others during the ongoing COVID-19 situation, Grameenphone carried this year’s AGM virtually by using digital platform. The Board of Directors of Grameenphone Ltd announced a final dividend for the year 2019 in cash at the rate of 40% of the paid-up capital, or BDT 4.0 per share of BDT 10 each. With this cash dividend pay-out, the total cash dividend stands at 130% of the paid-up capital, including the previous 90% interim cash dividend pay-out, amounting to 50.86% of Profit After Tax for the year 2019. For Grameenphone, 2019 was a challenging year considering disputed audit claims by BTRC. Grameenphone, however, looks forward to solving this dispute before the Hon’ble Courts or amicably through arbitration.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/gp-approves-130pc-cash-dividend-1587482566

Most listed food & allied companies’ earnings dip

Earnings of most of the listed food & allied sector companies plunged in July-December, 2019 compared to the same period of the previous year. Market analysts said many companies are counting further losses as business activities remained almost halted due to month-long lockdown caused by coronavirus pandemic. According to market insiders, the pandemic is affecting almost all the listed companies due to the shortage of raw materials that come from external sources. According to DSE data, the EPS of Apex Foods declined to Tk 0.65 in the July-December period of 2019 against Tk 1.10 in the same period of the previous year. The Apex Foods has reported (un-audited) profits of Tk 3.73 million during the period under review, the DSE data shows. The Apex Foods noted that EPS was restated from Tk 0.65 to Tk 1.10 due to deferred tax on cash incentive receivable as on December 31, 2018 by Tk 25,37,000. British American Tobacco Company reported its EPS of Tk 51.37 for the year ended on December 31, 2019 against Tk 55.62 for the same period last year. The multinational company has also recommended 400 per cent cash dividend for the year ended on December 31, 2019. The state-run sugar mill has incurred a loss of Tk 230.22 million in July-December, 2019 period. The EPS of Zeal Bangla Sugar Mills, another state-run sugar mills, was Tk 35.50 in negative for July-December, 2019 against negative of Tk 36.27 in the same period of the previous year. The company has also reported loss of Tk 213.01 million in July-December, 2019 period. On the other hand, EPS of six companies – AMCL (Pran), Fine Foods, Fu-Wang Food, Golden Harvest Agro Industries, Olympic Industries and Rangpur Dairy & Food Products surged year-on-year in July-December, 2019, the DSE data showed.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/most-listed-food-allied-companies-earnings-dip-1587482511

New ‘Country Head’ of Bank Alfalah

Bank Alfalah has recently appointed Mr. Adil lslam as ‘Country Head’. He has more than 29 years of banking and business leadership experience, gained through working in various international banks and financial institutions in South & Southeast Asia and the Middle East. Mr. Adil Islam has done his post-graduation in International Banking and Financial Studies from Herriot-Watt University, Edinburgh, Scotland. He has held business and functional head positions both in Bangladesh and in overseas locations, working for renowned banks like HSBC, ANZ, American Express, Mashreq Bank, Bank Saudi Al Fransi (Credit Agricole) and other international organizations. Over the years, he has held positions like Chief Risk Officer for South & Southeast Asia, ANZ Bank Singapore; Chief Risk Officer, HSBC Indonesia; Head of Wholesale Banking, HSBC Bangladesh. .

Source: https://today.thefinancialexpress.com.bd/stock-corporate/new-country-head-of-bank-alfalah-1587482628