Emerald Oil back to profits after five years
The company declared a 2% cash dividend. AGM on 12 July, record date 26 June
Emerald Oil Industries Limited, which has been making losses for five straight years, has finally returned to profits in the fiscal 2021-22.
Therefore, for FY22, the company's board of directors has recommended a 2% cash dividend to its shareholders in a meeting held last Thursday, where the company's audited annual report was also approved.
According to the company's FY22 report, its after-tax net profit stood at Tk1.21 crore at the year end, which was a loss of Tk3.62 crore in FY21.
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Its earnings per share stood at Tk0.17 and net asset value per share at a negative Tk12.85 at the end of FY22.
To secure shareholders' approval of the dividend, Emerald Oil, after a hiatus of six years, called an annual general meeting (AGM) on 12 July this year after an order from the High Court. The record date has been fixed on 26 June.
Since April 2023, the company's share price jumped by nearly 300% to Tk122.8 each at the Dhaka Stock Exchange (DSE).
In 2021, Minori Bangladesh – a subsidiary of Japanese farming company Minori Co Limited – got the securities regulator's nod to bring Emerald Oil back into production by investing more than Tk40 crore.
Incorporated in 2008, Emerald Oil Industries began production of its Spondon-branded rice-bran oil in 2011 and entered the bourses in 2014.
