Saiham Cotton receives Tk42cr insurance claim
The 100% export-oriented cotton yarn manufacturer will spend the money on loan repayment and reconstruction of a raw cotton warehouse
Saiham Cotton Mills Limited, which experienced a massive fire last year, has received more than Tk42 crore in an insurance claim.
The 100% export-oriented cotton yarn manufacturer will spend the money on loan repayment and reconstruction of a raw cotton warehouse, the company said in its disclosure on stock exchanges on Monday.
The warehouse and the whole stock of raw material were gutted in a fire in October 2020, resulting in huge losses for the company.
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Later, the cotton manufacturer claimed Tk59.04 crore from its insurer.
Against the claim, the company has received Tk42.03 crore in three instalments.
Saiham Cotton Mills received Tk30 crore in the first two instalments in July and August this year and the remaining Tk12.03 crore in the last instalment recently.
Initially incorporated as Saiham Spinning Mills in 2002, the company got listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange in 2012.
In fiscal 2019-20, it incurred a loss of Tk9.46 crore but returned to profit the next year.
In the first nine months of FY21, the company made a profit of Tk10.72 crore while the turnover stood at Tk259.30 crore.
The earnings per share (EPS) rose to Tk0.72, from Tk0.56 in the same period of the previous year.
