Deshbandhu Polymer’s stock jumps as it reports higher annual profit

The stock price of Deshbandhu Polymer jumped 10.92 per cent to Tk 25.50 after two hours of trading on Tuesday as the company reported higher annual profit for FY23.

The PP woven bag manufacturer made a Tk 36.21 million profit for FY23, 26 per cent higher than the previous year’s profit of Tk 28.84 million.

As a result, the company’s earnings per share stood at Tk 0.59, up from Tk 0.47 in the year before, according to a stock exchange filing on Tuesday.

Despite the profit jump, the board of directors has recommended only a 2.5 per cent cash dividend for the year ended June 30, 2023. It paid 5 per cent cash in the previous year.

The final approval of the recommended dividend will come during the annual general meeting scheduled to be held on November 27 through digital platforms. The record date is set for October 23.

The company has also reported net asset value per share of Tk 19.20 and net operating cash flow per share of Tk 0.91 for the year ended June 30, 2023, as against Tk 18.93 (restated) and Tk 0.74 (restated) respectively for the year ended June 30, 2022.

Paid-up capital of the company is Tk 613.65 million and its authorised capital is Tk 3 billion while the total number of its securities is 61.36 million.

Deshbandhu Polymer is a manufacturer of the best quality PP woven bag in Bangladesh suitable for packing all types of food grain, wheat flour, Chemicals, Cattle feed, Fish feed, Sugar, Rice, Fertilizer and many more things that need packing.

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