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Dhaka Tribune

Green Delta Ins DSE’s top gainer

Update : 23 Dec 2013, 08:39 PM

Green Delta Insurance Limited yesterday became the highest gainer as its stock price rallied 9.94% to close at Tk102.8 a share on the Dhaka Stock Exchange.

Its price movement ranged between Tk102.8 and Tk92.7 during the trading session.

Share price increased despite poor third quarterly profit because of the company’s strong fundamental and on the news that the company obtained positive rating by Credit Rating Agency of Bangladesh Limited (CRAB), according to stock brokers.

The company was given the ratings “AA1” in the long-term and “ST-1” in the short-term loan.

As per un-audited accounts for the 3rd quarter ended on 30th September, 2013, the company has reported net loss of Tk4.3crore, which is almost three times lower than the profit of Tk6.97 crore in the same period a year ago.

The company made losses in the third quarter this year because of rise in net claims that was Tk6.9 crore.

However, in nine months of the current calendar year, it posted profits Tk12.7 crore, which is close to the profit of Tk13.1 crore in the same period a year earlier.

An increase in the management expenses played a significant role in declining profit, the company said in its 3rd quarter report.

In 2010, the company made surprising profit of Tk47 crore from share business, which was 15 times higher than income it made in 2009.

The company is consistent at paying out both stock and cash dividends over several years. In 2012, the company distributed 15% cash dividend and 15% stock dividends among its shareholders.

As of 2012, the company has a restated net asset value Tk78.24 per share, which is over 76% from the current market price.

According to the unaudited reports, the company stocks have an EPS of Tk1.99 each and a price to earnings ratio of 38.74.

Sponsors-directors have 54.99% and general public 24.31% stakes in the company.

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