The board of directors of state-run Padma Oil Company Ltd has recommended a 125 per cent cash dividend for the year ended on June 30, 2020.
The final approval of the dividend will come during the annual general meeting (AGM) to be held on February 27, 2021 at 11:00am through Digital Platform.
The record date for entitlement of dividend is January 18, 2021, according to an official disclosure.
The state-run the company has also reported earnings per share (EPS) at Tk 27.79, net asset value (NAV) per share at Tk 157.64 and net operating cash flow per share (NOCFPS) at Tk 80.91 for the year ended on June 30, 2020 as against Tk 29.07, Tk 142.85 and negative Tk 52.29 respectively for the same period of the previous year.
Each share of the company, listed on the Dhaka Stock Exchange (DSE) in 1976, closed at Tk 207.10 on Thursday.
Its share traded between Tk 155 and Tk 231.80 in the last one year.
In 2019, the company also disbursed 130 per cent cash dividend.
The company’s paid-up capital is Tk 982.33 million and authorised capital is Tk 1.0 billion while the total number of securities is 98.23 million.
The government owns 50.35 per cent stake in the company, while sponsor-directors own 2.06 per cent, the institutional investors 30.44 per cent, foreign investors 0.98 per cent and the general public 16.17 per cent as on November 30, 2020, the DSE data shows.
Recently, Padma Oil Company signed agreements with three liquefied petroleum gas (LPG) suppliers – Energypac Power, Beximco LPG Unit-1 and Omera Gas One -- as part of its business expansion.
Under the agreements, the companies will sell their LPG by establishing LPG (Autogas) refueling station and LPG conversion workshop parallel to the sale of petroleum oil through the company’s registered filling stations across the country.
The Padma Oil will receive a royalty of Tk 0.50 against per litre sale of LPG.
The Padma Oil Company has stepped forward to make LPG more available as a primary fuel source for vehicles in Bangladesh. The move comes as part of the government’s ongoing efforts to increase LPG consumption in the country, as the reserves of natural gas are depleting rapidly.