Marico to pay record 950% dividend
Investors will get Tk95 against each of their shares
India-based multinational company Marico Bangladesh will pay a total of 950 percent cash dividend to its shareholders for the 2019-20 financial year.
Marico has already paid 750 percent cash dividend to its shareholders, but now it will pay them the 200 percent final cash dividend.
It means investors will get Tk95 against each of their shares. This is the highest amount of dividend in the history of the company.
For this, the company has to spend from its reserve because its earnings per share was only Tk84.01.
The dividend payout was recommended at an online meeting of the company's board of directors on Tuesday.
The annual general meeting (AGM) of Marico is slated for July 22 where the company's recommended dividends and financial report will be approved.
The company has decided that the record date will be 15 working days after the market reopens.
Marico has been enjoying a steady rise in profit for the last six financial years. Among the multinational companies listed on the country's share market, Marico's profit has been increasing continuously.
In the 2019-2020 financial year, Marico's net profit increased by 31 percent toTk264.63 crore.
The closing price of the company's share at the Dhaka Stock Exchange was Tk1,562.50 on March 25. The highest price of its share in a year was Tk1,899.50.
In the crucial time of the Covid-19, Marico Bangladesh launched the Mediker SafeLife hand sanitiser and hand-wash in mid-April.
Marico has also decided to sell its newly-launched products at discounted prices. Besides, if it makes any profit from the sales of these products in the next six months, it will donate it to the prime minister's relief fund to fight the deadly coronavirus.
Ashish Goupal, managing director of the company, said, "Marico believes in the nation first approach, and that is for supporting the government's efforts during this crisis."
Today, Marico Bangladesh has a portfolio of 24 brands in the personal care and food categories.
The company's flagship brand, Parachute, has maintained its leadership position and now holds the highest ever market share in the branded coconut oil category.
Marico also launched its first male grooming brand named 'Studio X' in Bangladesh with a wide range of premium products for men in February this year. This range comprises of shampoos, face wash, hair gels and deodorants for men.
At the beginning of this year, Marico Bangladesh invested Tk29.3 crore to expand the capacity of its factory in Gazipur, and set up a new manufacturing line.
Replying to a query, Ashish said, "Our company publishes a financial performance report every quarter. The impact of a new business will be reflected on it."
