EHL approves 5pc cash dividend

The 56th Annual General Meeting of Eastern Housing Limited was held virtually on Thursday.

The AGM was presided over by the Chairman of Eastern Housing Ltd. Mr. Manzurul Islam. Members of the Board of Directors namely Mrs. Suraiya Begum, Mr. Abu Luthfe Fazle Rahim Khan, Mr. Abdur Rahim Choudhury, Mr. Md. Abdul Wadud, Mr. Mostafizur Rahman, Independent Director Mr. Md. Rafiqul Islam and Mr. Kashem Humayun, Managing Director Mr. Dhiraj Malakar, Company Secretary Salim Ahmed, FCS, Chief Financial Officer Md. Asadul Islam FCA, FCS and a large number of shareholders attended the meeting.

The shareholders approved the accounts for the year ended 30 June 2020, Directors' and Auditors' Report thereon. The shareholders also approved 15% cash dividend i.e. Tk. 1.50 per share of Tk. 10 each for the year 2019-2020. The Company achieved net sales of Tk. 252.79 crore as against Tk. 358.10 crore in the previous year registering a sales decrease of 29.41%. Net profit after tax stood at Tk. 29.13crore for the financial year 2019-2020. EPS and NAVPS was Tk. 3.12 and Tk. 62.47 respectively.

The shareholders expressed their satisfaction and thanked the management for declaration of 15% cash dividend.

Managing Director Mr. Dhiraj Malakar while speaking about the future business of the Company informed the shareholders that the Company has commenced construction work of two large projects at Mirpur and at Uttara, Chalabon, Dhaka comprising of 87 and 283 apartments respectively.

Mr. Manzurul Islam, Chairman in his welcome speech said that EHL maintained its profitability in 2019-20 because of its healthy balance sheet, despite worldwide economic downtrend due to coronavirus pandemic. The Chairman concluded the meeting by expressing his deep appreciation to the shareholders for their trust and support to the company's performance over the years.