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Reckitt Benckiser (Bangladesh) PLC posted 24 per cent year-on-year growth in profit to Tk 820 million in 2023.
Despite impressive profit growth, the board of directors of the company cut its cash dividend sharply to 550 per cent in 2023, from 980 per cent cash dividend in 2022.
The company’s earnings per share stood at Tk 173.65 for 2023, up from Tk 139.50 in 2022, according to its price-sensitive information published on Thursday.
Reckitt is yet to disclose its annual revenue for 2023. However, its nine months revenue was Tk 4.05 billion, which was 7.42 per cent higher compared to the same period a year ago.
The multinational companies are well-managed and have a reputation for their product quality, making them earn more and pay hefty dividends every year.
The dollar crisis might be a reason behind the lower cash dividends recommendation in 2023, said a leading stockbroker.
Earlier, Reckitt declared the highest cash dividends among the listed companies for three years in a row since 2019, luring investors to its stock. That resulted in the share price going through the roof.
Its stock price rose 0.76 per cent further to Tk 4,932.3 on Thursday. Reckitt has remained the most-valued stock on the market in the past few years.
The company’s annual general meeting will be held on May 30, while the record is set on April 25.