Power Grid Bangladesh PLC, the state-owned power transmission company, announced that it will not pay any dividend to shareholders for the financial year 2023-24.
The company鈥檚 board announced in a statement to the Dhaka Stock Exchange that they have decided not to declare dividends due to the financial losses incurred.
Following this no dividend announcement, the company鈥檚 share price dropped sharply by 15.91 per cent on Sunday, closing at Tk 33.30 compared to Tk 39.60 in the previous trading session on Thursday.
The company鈥檚 annual general meeting is scheduled for March 8, with the record date set for February 6, as per a disclosure on the Dhaka Stock Exchange website.
Power Grid reported a loss of Tk 5.01 per share for the financial year ending June 30, 2024. During the same period, the company鈥檚 net asset value or NAV per share stood at Tk 132.61, and its net operating cash flow per share or NOCFP was Tk 12.86.
In comparison, for the financial year ended on June 30, 2023, Power Grid reported a loss of Tk 10.11 per share, NAV per share of Tk 123.32, and NOCFP of Tk 12.32.
According to its audited financial statement for FY 2023-24, the company incurred a total loss of Tk 457,46,86,158 in 2024, and Tk 720,27,69,996 in 2023.
The company also released its financial report for the first quarter of the current fiscal year 2024-25. From July to September 2024, Power Grid reported a loss of Tk 2.81 per share.
Since June 30, 2023, the highest share price for Power Grid in a single trading session was Tk 53.20, while the lowest was Tk 35.20.
Despite ongoing losses, Power Grid Bangladesh had previously paid dividends in recent years, including a 10 per cent cash dividend in both 2023 and 2022 and 20 per cent cash dividends consecutively in 2021 and 2020.
However, the last time the company paid a bonus dividend was in 2012, when it issued a 10 per cent bonus.
