Stock price of the leading medicine manufacturer, IBN Sina Pharmaceutical Industry PLC has taken a heavy beating in the bourses on Thursday following an announcement of its steady financial results for the fiscal year closing on June-end.
The company reported net earnings per share of Tk21.46 for FY24, registering a double-digit growth of 10.7% in comparison to the previous year, according to a press release.
However, its share price fell to Tk329.4 at the Dhaka Stock Exchange after undergoing a correction of 9.8% in the last couple of trading sessions, showed the exchange website.
Board directors of the company have recommended a record high cash dividend of 63% on face value, implying a pre-tax dividend of Tk6.3 per share for the investors in 2024.
Cash dividend in the previous year was 60%, as per the company website.
IBN Sina Pharma share price rallied notably during the last couple of months, which may be a reason for the recent correction, said a stock broker.
In contrast to the annual financial numbers, the pharmaceutical company generated per share earnings of Tk5.23 during the fourth quarter this fiscal year, which is 10.8% lower than the corresponding April-June quarter of the previous year.
Absence of earnings growth in the latest quarter may have dented investors confidence, hinted the stock brokerage official.
Record date for the cash dividend has been set on October 27 while the annual general meeting has been scheduled on November 24.
IBN Sina Pharmaceutical Industry Ltd was listed with the Dhaka bourse in the year 1989.
