The Financial Express

Prime Islami Life Ins, Int’l Leasing recommend dividend

| Updated: July 10, 2019 10:33:13

Prime Islami Life Ins, Int’l Leasing recommend div

Two listed companies have recommended dividends ranging from 5.0 per cent to 12 per cent in last week for the year ended on December 31, 2018.

The companies are Prime Islami Life Insurance and International Leasing & Financial Services (ILFS).

The board of directors of Prime Islami Life Insurance has recommended 12 per cent cash dividend for 2018 against 15 per cent cash dividend disbursed in previous year.

The board of directors of International Leasing & Financial Services (ILFS) has recommended 5.0 per cent stock dividend for 2018 against 12 per cent stock dividend disbursed for 2017.

The net profit of the ILFS declined 71.07 per cent for the year ended on December 31, 2018 compared to previous year due to different reasons including the reduced brokerage commission and fees.

The company has also reported consolidated EPS (earnings per share) of Tk. 0.53, consolidated NAV (net asset value) of Tk 13.36 per share for the year ended on December 31, 2018 as against Tk. 1.84 and Tk. 12.83 respectively for the same period of the previous year.

In its disclosure, ILFS said they incurred an investment loss of Tk 64 million in 2018 against the investment income of Tk 189 million in 2017.

"Commission, fees, exchange and brokerage income has been decreased by Tk. 114 million due to less brokerage income from subsidiary," the ILFS said.

The company's profit has also declined due to increase in asset quality provisions for lease, loans and advances.

"Provision for income tax is increased by Tk. 141 million in 2018 compared to 2017 because the claim from write off loan is decreased by Tk. 365 million," the company's disclosure said.

The ILFS, presently an 'A' category company, was listed with the stock exchanges in 2007.

The company's sponsor-directors hold 41.54 per cent shares, institutes 26.85 per cent, foreigners 1.31 per cent and general shareholders 30.30 per cent as of May 31, 2019.

The company's share price closed at Tk 10 each on Thursday with a marginal rise of 3.09 per cent or Tk 0.3 on the Dhaka Stock Exchange (DSE).

Peoples Leasing and Financial Services and First Finance have recommended no dividend for the year ended on December 31, 2018.


Share if you like