Business Report :
Beach Hatchery, a publicly listed agro-based firm, has recommended a 10per cent cash dividend for the fiscal year 2023-24, exclusive to its general shareholders.
This will be the highest payout from the firm in years, with its last notable payout being a 15per cent stock dividend in FY2013.
According to the company’s price sensitive disclosure on the Dhaka bourse yesterday, Beach Hatchery posted earnings per share of Tk2.03 in FY24, which was 118per cent higher compared to the previous year.
Despite the dividend declaration, its share price fell by 2.63per cent yesterday, closing at Tk96.20 on the DSE.
Beach Hatchery has scheduled its annual general meeting (AGM) for 31 December to approve the dividend and audited financial statement. The record date for determining eligible shareholders has been set for 15 December.
According to the company’s decision, the dividend is intended only for its general shareholders, with sponsors and directors, who hold 34.97per cent of the company’s shares, excluded from the payout.
On 26 October last year, the company announced a 2per cent cash dividend exclusively for its general shareholders for the fiscal year 2022-23. However, it failed to distribute the dividend within the stipulated time as required by listing regulations.
As a result of this non-compliance, the DSE downgraded the company’s shares to the Z category on 25 September this year. Following the downgrade, the company disbursed the declared dividend and submitted a compliance report. Subsequently, the DSE upgraded the company’s category to B on 24 October.
Beach Hatchery based its business in Teknaf but the government acquired its land to build a marine drive. Therefore, the company had to close business on 24 April 2016.
