Heidelberg Cement declares no dividend
Stock market Desk || Published: 2020-04-27 06:08:18 || Updated: 2020-04-27 06:08:18
Heidelberg Cement Bangladesh has declared no dividend for its shareholders as it incurred loss of Tk 18 crore in 2019 due to an increased cost of raw materials and tax measures, company officials said.
According to the officials, Heidelberg Cement suffered Tk 18.64 crore in loss and its earnings per share stood at negative Tk 3.30 in 2019 while the company made Tk 80.97 crore in net profit and earnings per share Tk 14.33 in 2018.
The company paid 75 per cent cash dividend to its shareholders in the previous financial year.
A senior official of Heidelberg Cement told New Age that the company incurred losses due to higher cost of goods sold, lower financial income and significant effect of minimum tax.
He said that the company did not declare dividend from reserve as business had become stagnant due to the coronavirus centric shutdown.
At the beginning of the current fiscal year, the government imposed a minimum 5 per cent advance income tax on raw material imports for the cement industry. The tax, however, has been reduced to 3 per cent since January 1, he said.
Even the 3 per cent AIT is also a big pressure on cement industry as manufacturers are paying the minimum tax whether they are making profit or not.
The company set the record date on May 28 for the dividend. The annual general meeting of the company will be held on June 24.
Heidelberg Cement was listed on the Dhaka Stock Exchange in 1989. The company’s paid up capital is Tk 56.5 crore. Out of total shares of the company, its sponsors and directors have 60.67 per cent, institutional investors 26.08 per cent, foreign investors 1.11 per cent and general investors have 12.14 per cent shares.
The closing price of the company’s shares was Tk 140 each on the DSE on the last trading day, March 25.
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