Berger Paints declares highest dividend in five years
The AGM will be held on 24 August and the record date is 26 June
Berger Paints Bangladesh, the country's leading coating producer, recommended a 100% cash dividend for the financial year that ended on 31 March 2022.
According to the company's filing on the Dhaka Stock Exchange (DSE) website on Tuesday, Berger Paints had paid an interim 300% cash dividend for the 2021-22 financial year. Hence, the total cash dividend payout will be 400% - the highest in five years.
Back in the 2016-17 financial year, the company paid a total of 600% cash dividend.
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But the company's dividend announcement did not seem to affect the cautious investors who showed concerns about the central bank's recent move of increasing the repo rate by 25 basis points.
On Tuesday, Berger's DSE share price fell 1.12% to Tk1,727 each.
To determine the eligible shareholders for the dividend, the company has set the record date on 26 June, and the final approval of the dividend will be secured at an annual general meeting (AGM) dated 24 August.
In the last financial year, the consolidated net profit of Berger Paints increased 9% to Tk290 crore compared to the previous 2020-21 financial year. Its earnings per share stood at Tk62.68.
A senior official at Berger Paints said the company could not achieve double-digit profit growth because of an increase in the prices of raw materials and freight charges. But the board was however satisfied with the turnover growth.
