Singer recommends 35% cash dividends for 2023
The company has scheduled the annual general meeting (AGM) on 28 March.
Electronics and home appliance manufacturer Singer Bangladesh has recommended a 35% cash dividend for its shareholders for 2023, as decided in a board meeting held on Monday.
In 2022, according to the Dhaka Stock Exchange (DSE), the company paid a 10% cash dividend to its shareholders.
For 2023, Singer Bangladesh reported an impressive 612% year-on-year growth in profit. The approved financials reveal an earnings per share (EPS) of Tk5.24, a significant increase from Tk0.73 in 2022.
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To finalise the dividend and annual accounts, the company has scheduled the annual general meeting for 28 March, setting 22 February as the record date to identify its shareholders.
In 2022, despite revenue growth, it reported a profit of Tk7.3 crore, marking an 85.9% fall from Tk51.8 in 2021.
Singer Bangladesh, listed on the country's premier bourse in 1983, originally sold only sewing machines till 1985.
Later, it expanded its product range to include electronics and home appliances. A decade ago, the company used to import 90% of its products and manufacture only 10%. However, now it locally manufactures 62%, significantly reducing its import figures.
The closing price of each share of the company stood at Tk153.30 on Monday at the DSE. As of 31 December 2023, sponsors and directors jointly held 57% of the company's total shares, institutional investors 25.15%, foreign investors 3.87%, and general investors 13.98%.
