Nahee Aluminum’s net profit drops 28%
The company’s directors recommended 8% cash and 7% stock dividend for the year ending on 30 June 2020
Nahee Aluminum Composite Panel Limited's net profit has dropped 28.05% due to the pandemic.
The company, listed on both stock exchanges, manufactures Aluminum Composite Panel (ACP) under the brand name "Aluco Tiger" – a pioneer of the industry.
The ACP industry market leader's net profit stood at Tk15.80 crore, compared to Tk21.96 crore in the previous year.
Nahee Aluminum's directors recommended 8% cash and 7% stock dividend for the year ending on 30 June 2020.
The company's earnings per share were Tk2.44, which was Tk3.44 in the previous year, according to its latest audited statements.
Nahee Aluminum has decided to invest Tk4.50 crore for future business expansion.
The company will spend this fund in land purchase, construction and capital machinery, which will come from the declared bonus share.
Company Secretary, Mohammad Jahurul Islam Sheikh, told that The Business Standard that the drop in Nahee Aluminum's net profit was a business impact of Covid-19.
Jahurul also said the value of the declared 7% stock dividend is almost Tk4.47 crore, which has to be invested in business expansion as per law.
On Thursday, the trading price of Nahee Aluminum's share was Tk51.40 on the Dhaka Stock Exchange.
Incorporated on 24 October 2010, the company started its commercial operation on 1 March 2014.
The sponsors and directors jointly hold 39.58% stake in the company, institutions 12.17% and general investors 48.25%.
