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The share price of The Ibn Sina Pharmaceutical Industry dropped 5 per cent on Thursday even as it came up with a 63 per cent cash dividend for FY24, the highest dividend since its listing on the stock exchanges.
The drug maker reported an 11 per cent growth in its net profit to Tk 670 million for FY24, compared to Tk 605 million in the year before.
Accordingly, its earnings per share (EPS) stood at Tk 21.46, as against Tk 19.38 the previous year, according to the company's filings with the Dhaka Stock Exchange on Thursday.
Based on its profits, The Ibn Sina's Board of Directors has declared a 63 per cent cash dividend. However, despite this announcement, its stock fell 5 per cent to Tk 329.40 on the Dhaka Stock Exchange.
Ibn Sina's share had experienced a rally that began on August 4 when its price was Tk 241.4. The upward trend continued till September 24 and the share price jumped 55 per cent to Tk 374.1 during the period. Afterwards, the share price started to decline.
The drug maker's net operating cash flow per share, a measure of a company's ability to generate cash from its operations, stood at Tk 12.48 per share for FY24, as against Tk 28.08 the previous year.
The net asset value with revaluation, which refers to the excess of total assets over total liabilities, reached Tk 111.94 per share, up from Tk 96.68 in June last year.
The annual general meeting of the company will be held on November 24 and the record date for entitlement of dividend is on October 27.
Listed in 1989, The Ibn Sina Pharmaceutical Industry manufactures pharmaceutical drugs and medicines, including traditional herbal and unani medicines.