DSE declares 5pc cash dividend amid poor earnings

Staff Correspondent | Published: 00:00, Dec 03,2019

 
 

The board of directors of Dhaka Stock Exchange on Monday declared 5 percent cash dividend for its shareholders for the financial year of 2018-19.

The declaration was made at a DSE board meeting held at the bourse’s Motijheel office premises.

The DSE at the meeting also decided to observe Mujib Year next year to celebrate the centenary of birth of the country’s founding president Sheikh Mujibur Rahman through holding various programmes throughout the year.

A 10-member committee has been formed making its chairman Abul Hashem convener and director Rakibur Rahman co-convener to observe the year.

The board also declared profits of Tk 97.50 crore in the financial yearof 2018-19 after it had netted Tk 104 crore in the previous financial year.

The financial accounts and dividend will be approved by the shareholders at the annual general meeting scheduled to be held on December 30.

Considering 180,37,76,500 shares of the DSE, its earnings per share decreased to Tk 0.54 in FY19 from Tk 0.58 in FY18.

The profits in FY19 were the lowest after FY12 when the bourse fetched Tk 94.4 crore. The bourse became demutualised in November, 2013.

The bourse made Tk 123.91 crore in profits in FY17, Tk 119.82 crore in FY16, Tk 134 crore in FY15 and Tk 135 crore in FY14.

The bourse witnessed a continued profit fall due mainly to prolonged bearish trend at the market and poor business activities by the country’s premier bourse.

There was no product diversification at the market and only equity-based market failed to attract different groups of investors, market experts said.

The continued fall in profits also forced the bourse to declare 5 per cent dividend for the second year. Before the two financial years, the shareholders got 10 per cent dividend in three years.

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