Summit Alliance Port approves 12pc cash dividend at its 19th AGM

At the 19th Annual General Meeting (AGM), Summit Alliance Port Limited (SAPL) approved a 12 per cent cash dividend for the year ended on June 30, 2023.

In this financial year, SAPL focused on improving customisation of its off-dock services while responding to clients' demands with management's innovative solutions, a press release says. 

The industry has been facing a downward trend beginning with the pandemic, followed by the Russia-Ukraine war and more recently the Palestine-Israel war resulting in global inflation and recession.

Given the negative macro-economic environment, under the able leadership of Muhammmed Aziz Khan and Jowher Rizvi, the management of SAPL handled it tremendously well and therefore approved a 12 per cent cash dividend for its shareholders, the release says.

Presided over by Muhammed Aziz Khan, Chairman, Summit Group of Companies, the meeting was attended by Jowher Rizvi, Managing Director, SAPL, Yasser Rizvi, Additional Managing Director, Deputy Managing Directors - Nasser Rizvi and Azeeza Aziz Khan ACCA, Directors - Anjuman Aziz Khan, Latif Khan, Ayesha Aziz Khan, Faisal Khan, Syed Fazlul Haque FCA, Abdul-Muyeed Chowdhury and Lutfe M Ayub.

In addition, Independent Directors - Helal Uddin Ahmed, Anis A Khan, Rear Admiral Riazuddin Ahmed (Retd), Captain Kamrul Islam Mazumder, Director and CEO and Md Abdullah Osman Shajid, Assistant General Manager and Company Secretary were also present.

SAPL is an ‘AA2’ rated company as per the Credit Rating Agency of Bangladesh (CRAB). Since 2008, SAPL has been consistently offering dividends to its shareholders, including during the pandemic, the release adds.