In 2018, the company declared no dividend and was placed in 'Z category' from 'A category'
Northern Jute Manufacturing Company Limited (NJMCL), a listed company, has made a turnaround as the export-oriented firm has reported Tk23.29 earnings per share (EPS), which was Tk17.15 last year.
on Wednesday, NJMCL recommended 100% cash dividend. However, its share plunged 4.71% or Tk40.5 at Dhaka Stock Exchange (DSE) after the declaration.
The board of directors of the company recommended 100% cash dividend for the year ended on June 30, 2019.
The final approval of the dividend will come at the annual general meeting (AGM) to be held on December 8 at RAOWA Convention Hall-3 (Eagle) in Mohakhali, Dhaka. The record date is November 5, 2019.
Talking to Dhaka Tribune, Northern Jute Manufacturing Company Managing Director Ananga Mohan Roy said that EPS of this year increased significantly as the firm had procured raw jute at lower than normal prices.
On the other hand, sales price of yarn was much higher than previous year as demand of jute yarn had been increasing in the whole world, he added.
The company also reported net asset value (NAV) per share of Tk80.33 in June 2019 as against negative Tk17.15 for the same period of the previous year.
In 2018, the company declared no dividend and was placed in “Z category” from “A category” as a consequence.
Northern Jute Manufacturing Company, located in Kushtia, was listed with the Dhaka Stock Exchange in 1994. The company's share price closed at Tk820.40 each on Wednesday with a loss of 4.71% or Tk40.5.