Renata AGM approves 50pc cash, 20pc stock dividend

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Shareholders of Renata Limited approved cash dividend of 50 per cent and stock dividend of 20 per cent (Bonus Share 1:5) for the year 2006 at its 34th annual general meeting (AGM) Saturday.
Chairman of the board S.H. Kabir, presided over the AGM.
The meeting was attended by the Company's Managing Director Syed S. Kaiser Kabir, Directors Manzoor Hasan, Md. Ziaul Hoque Khondker, A. Hasant Khan, Sajida Humayun Kabir, Company Secretary Md. Shafiul Alam, senior executives of the company and a large number of shareholders.
The meeting was informed that the year 2006 represented 10 consecutive years of growth for Renata which has earned a well deserved reputation as a resolutely bottom-line driven company intent on maximising shareholders welfare.
During the last decade Renata attained, on average, sales growth of 18.1 per cent, net profit growth of 33.2 per cent and company value growth of 33.5 per cent.
In 2006, Renata's combined turnover and net profit grew by 19.8 per cent and 25.7 per cent, respectively.
Earning Per Share (EPS) stood at Tk. 301.41 compared to Tk. 239.71 in the year 2005.
Renata also contributed Tk. 410 million to the national exchequer in the form of corporate taxes, value added tax and import duties.
The retained earnings of the company stand at a healthy Tk. 642.3 million against zero long-term debt.
In the Pharmaceutical business Renata's market rank improved from 11th to 8th in 2006, and its sales grew by 24.1 per cent.
In the Animal Health business segment Renata continues to hold on to market leadership, registering 31.2 per cent sales growth.
Kabir informed the meeting that to set the company on a sustainable growth path Renata has focused on creating new overseas market, acquisitions and building a technological edge.
The outlook for 2007 is bullish, and the company expects to significantly outpace the market. Earnings are likely to grow at a higher rate than that of for 2006.