Listed yarn manufacturer Al-Haj Textile Mills reported a miraculous comeback in its more than one-year-late declaration of FY24 results, showing a profit of Tk 224.55 million after a significant loss in the first nine months of the year.
The time to announce even FY25 results has already passed by about three months.
Al-Haj Textile Mills reportedly recovered from 21 months of losses but did not provide any explanation of how it achieved the success.
The company, which started its business before the independence of the country, posted a loss of Tk 17.33 million in FY23. Monday's earnings disclosures also showed that the company endured losses in the first three quarters of FY24. That means earnings in the last quarter of FY24 alone brought Al-Haj Textile out of the red.
The yearly profit was the highest in a decade. The company also declared a record dividend of 40 per cent-5 per cent cash and 35 per cent bonus shares-for FY24.
In the disclosure, the company said the stock dividend has been recommended to utilise retained profits as paid-up capital to improve capital adequacy. It will not be given from capital reserve or revaluation reserve, or from any unrealised gain, or out of profit earned prior to incorporation of the company, or through reducing paid-up capital.
The stock dividend is subject to the approval of the market watchdog.
The company reported a jump in its net asset value (NAV) to Tk 18.52 per share in FY24 from Tk 8.45 per share in FY23 following the profit. However, cash flow improved only slightly to negative Tk 2.58 per share in FY24 from negative Tk 3.23 per share in FY23.
After the earnings disclosure, share transactions increased threefold to 3,233 on Monday compared to the previous day, while traded share volume also rose threefold to 0.65 million. However, the stock slid 2.12 per cent to Tk 143.10 per share on Monday on the Dhaka Stock Exchange.
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