Saif Powertec declares 1% cash dividend

Saif Powertec Limited, the operator at Chattogram Sea Port, has proposed a 1% cash dividend for shareholders for the fiscal year 2023-24. 

Notably, no dividend was recommended for FY23. These announcements followed a board meeting held on Thursday.

After a fire incident at Khawaja Tower in October last year that impacted its head office, the company faced difficulties arranging board meetings, which delayed the approval of the audited financial statements for FY23. As a result, a recent board meeting was convened to approve the audited annual reports for the past two fiscal years.

An annual general meeting is scheduled for 30 December, where shareholders will have the opportunity to approve the audited financial reports and dividends for both fiscal years. The company has set 17 November as the record date to determine shareholder eligibility for the meeting.

Meanwhile, Saif Powertec posted earnings per share (EPS) of Tk0.70 in FY24, an 8% decrease from the previous year. At the end of the last year, its net asset value per share was Tk17.01, with a net operating cash flow per share of Tk1.88. In FY23, its EPS dropped by 42% to Tk0.76 compared to the prior year.

Saif Powertec handles approximately 58% of Chattogram Port's container operations and is the country's only terminal operator. The company also handles container operations at the Mongla and Pangaon ports.

The company's shares closed at Tk13.50 on Thursday, down 0.74% from the previous session at the Dhaka Stock Exchange. 

Of its total shares, sponsors-directors hold 40.06%, institutional investors hold 19.10%, and general shareholders hold 40.84%.