Business Today

Progress Insurance has the highest dividend in 15 years

Pragati Insurance has done well in the insurance sector last year, benefiting the company’s shareholders. The insurance company, which is listed on the stock exchange, has declared the highest dividend in the last 15 years. The company has declared a cash dividend of 35% for 2021. The decision was taken at a meeting of the company’s board of directors last Monday. Shareholders will receive the dividend after approval at the Annual General Meeting (AGM).
The company announced the dividend on the website of the Dhaka Stock Exchange (DSE) on Tuesday. According to the data published on the DSE, at the end of last year, the company’s earnings per share (EPS) was 5 72 paise. In the previous year, i.e. in 2020, the amount was 4 rupees 6 paise. As a result, the company’s EPS has increased by Tk 1.75 paise or 40 percent in one year. The company has also paid good dividends to investors and shareholders due to high profits.
According to the DSE, the insurance company paid a 35 percent dividend to shareholders in 2008, all of which were bonuses or stock dividends. This is the first time since 2005 that a 35 percent dividend has been declared, all in cash. In other words, for every share with a face value of Tk 10, a shareholder will get a dividend of Tk 3.5. At present the market price of the company’s shares is 80 rupees 50 paise.
Meanwhile, the chairman of the company Syed M Altaf Hossain presided over the meeting of the board of directors on Monday. Also present at the time were former chairman of the company Abdul Awal Mintu, advisor Rezaul Karim and members of the company’s board of directors.
According to the company, the company’s AGM will be held on June 8. The record date has been set for May 10 to confirm who will receive the declared dividend. As a rule, those who hold the company’s shares on that day will receive the declared dividend.