Green Delta Insurance posts earnings growth

Green Delta Insurance declared its year-end earnings and dividends on Tuesday, but failed to attract investors. 

The company posted a growth of 9.7 percent in its earnings per share during the year ending on December 31, 2019. 

Earnings per share stood at Tk3.39 in 2019 as compared to Tk3.09 in 2018, as shown in the DSE website. 

The dividend recommended by the board of directors of the company was 15 percent in cash and 5 percent in stock in 2019, while in 2018 the company provided 10 percent dividend in cash and 10 percent in stock. 

In turn, the stock price on Tuesday made a loss of 3.8 percent to close at Tk53.8 per share. 

According to the company announcement, the board recommended issuing stock dividends to increase its share capital, utilising its share premium fund which remains idle unless it is used to issue bonus shares, and reducing the amount of cash dividend to ensure a liquid amount for investments in the near future. 

The net asset value per share of the company stood at Tk66 and its Net Operating Cash Flow Per Share (NOCFPS) had a negative value of Tk0.47 for the year ending December 31, 2019 as against Tk71.2 and a positive value of Tk0.51 respectively for the same period in the previous year. 

The annual general meeting of the company has been scheduled for March 3, 2020 in Gulshan, while its record date will be March 2, 2020.