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03 July 2022

Business Insider Bangladesh

Eastland Insurance first time recommends only cash dividend

BI Report || BusinessInsider

Published: 19:52, 21 May 2022   Update: 20:26, 21 May 2022
Eastland Insurance first time recommends only cash dividend

Eastland Insurance Company Limited logo

Eastland Insurance Company Limited, for the first time since its listing on the stock exchange, has recommended only cash dividends for its shareholders for the year ended on December 31, 2021.

A 10 percent dividend payout was recommended at the company’s board of directors meeting on May 19.

From 2005 to 2014, Eastland Insurance had paid only bonus shares as dividends. And from 2015 to 2020, the company paid cash dividends with bonus shares every year.

However, final approval regarding the dividend will come during the Annual General Meeting (AGM) scheduled for July 20, 2022, said the company in a press release.

The company reported EPS of Tk 1.51 and consolidated NAV per share of Tk 20.89 during the period.

Eastland Insurance has made a net profit of Tk 12.68 crore in 2021 at Tk 1.51 per share. Of this, 10 percent will be distributed among the shareholders in the form of cash of Tk 8.39 crore. The remaining Tk 4.29 crore or 34 percent will be added to the reserve.

The record date for the distribution of the declared dividend among the shareholders has been fixed as June 9, 2022.

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