Sena Kalyan Insurance’s profit drops 29pc in Apr-Jun

Business Desk :
Sena Kalyan Insurance Company reported a 29% year-on-year drop in its earnings per share (EPS) in the April-June quarter of 2023 due to revenue slowdown.
The EPS declined to Tk0.65 from Tk0.91 in the same period of 2022.
The company said in its Dhaka Stock Exchange (DSE) filing on Thursday, the EPS declined because of an increase in re-insurance and claim expenses. But according to the company’s accounts, the revenue dropping in the marine and miscellaneous insurance segments was the reason behind the EPS drop.
The revenue stood at Tk3.22 crore, down from Tk4.42 crore in the same period of last year, and the net profit stood at Tk2.60 crore, down from Tk3.62.
In the first half of this year, the insurer’s EPS was Tk1.32, down from Tk1.85 a year ago.
In 2022, Sena Kalyan Insurance Company went public to raise Tk16 crore through an Initial Public Offering to invest in government Treasury bonds, capital market listed securities, lands, and fixed deposit receipts.
The firm had issued 1.6 crore ordinary shares at a face value of Tk10 each under the fixed-price method.