Phoenix Insurance profit drops, 15% cash dividend recommended
Phoenix Insurance Company Ltd posted an almost double-digit drop in its 2022 profit as dividend income and other income declined in the tough year for businesses and investors, according to a disclosure published through the Dhaka Stock Exchange (DSE).
The non-life insurer reported earnings per share of Tk2.02 for 2022, which was Tk2.20 a year ago.
However, the company's board of directors recommended 15% dividend for 2022 which means Tk1.5 in cash dividends against each share having a face value of Tk10.
At the end of December, the company's net asset value per share stood at Tk37.1, which declined from Tk39.9 a year ago and the company blamed the reduction in share prices.
Also, net operating cash flow was lower as premium deposits and other income dropped.
17 April is set as the record date to identify shareholders who will be entitled to the dividend and annual general meeting (AGM) participation.
The AGM will be held at 2:30pm on 31 May through digital platforms.
Phoenix Insurance shares were up by 0.6% to TK33.8 apiece at 1:30pm on Tuesday.