Share price of CVO Petrochemical also rose on the news of increase in dividend and profit

The listed company CVO Petrochemical Refinery will give 10 percent cash dividend to the investors. The company declared this dividend for the financial year ended last June. This decision of dividend was taken in the meeting of the board of directors of the company held last Thursday.

Investors have been informed through the website of the stock exchange on Sunday (September 22).

Meanwhile, on the news of the dividend, the company's share price rose by about 1 percent or 1 taka 30 paisa to 149 taka in the first hour of trading on the main stock market Dhaka Stock Exchange (DSE). Last year, CVO Petrochemical paid a 5 percent cash dividend to investors. As such, the dividend declared by the company this year has increased by 5 percent to 10 percent. Due to the increase in the amount of dividend, the share price has also increased in the market today.

The company said its profit in the financial year ended last June also increased by more than 400 percent compared to the previous year. At the end of the last financial year 2023-24, the earnings per share or EPS of the company increased to 2 34 paise. The previous year which was only 46 paise. Accordingly, profit per share increased by 1 taka 88 paisa or 409 percent. Due to the increase in profit, the amount of dividend of the company has also increased.

Listed in the stock market in 1990, this company is currently a 'B' category small capital company. It has a paid-up capital of about Tk 28 crore, divided into 2 crore 78 lakh shares of face value Tk 10 each. 45 percent of the company's total shares are held by the entrepreneur-directors. The remaining 55 percent shares are held by institutional, foreign and individual investors.

The company has fixed October 31 as the record date for determining the claimants of the declared dividend. As per rules, those holding the shares of the company on that date will be considered as entitled to receive the declared dividend. The shares of the company will be closed for trading on the record date. And the final approval of dividend will be in the annual general meeting or AGM of the company. The company's AGM will be held online on December 11 this year. The dividend declared will be distributed to the investors only after approval in the AGM.