Matin Spinning Mills Ltd, a sister concern of DBL Group, reported a 71 per cent jump in its net profit for fiscal year 2022.
It also recommended 50 per cent cash dividend, the highest declaration by the company since its listing on the stock exchange in 2014, according to the Dhaka Stock Exchange (DSE) data.
The board of directors of the company declared the dividend at a meeting on Thursday.
The textile company's sales revenue also grew 19.55 per cent year on year to Tk 6.0 billion. The sales revenue increased due to a rise in yarn price and huge demand for cotton-based products globally, the company said.
Moreover, the company's combed yarn sales have increased 38.78 per cent, which also contributed a lot to the sales revenue growth, it added.
Its net profit after tax also surged 70.78 per cent to Tk 1.05 billion during the period under review, according to an official disclosure published on Friday.
Its earnings per share (EPS) stood at Tk 10.79 for the year ended on June 30, 2022 as against Tk 6.31 in the same period of the previous year.
The EPS has increased due to the rise in sales revenue and there was no significant additional expenditure against the incremental sales revenue except for raw material cost, the company said.
The company's net operating cash flow per share stood at Tk 6.17 and the net asset value per share (with revaluation reserve) at Tk 60.63 for the year ended on June 30, 2022 as against Tk 0.40 and Tk 53.81 respectively for the same period of the previous year
Matin Spinning's share price closed at Tk 79.50 on DSE on Thursday, gaining 1.92 per cent over the previous day.
Listed in 2014, Matin Spinning disbursed 40 per cent cash dividend in 2021 and 18 per cent cash dividend in 2020.
Its paid-up capital is Tk 974.90 million, authorized capital is Tk 1.50 billion and the total number of securities is 97.49 million.
The sponsor-directors own 32.72 per cent stake in the company while the institutional investors own 41.11 per cent and the general public 26.17 per cent as of September 30, 2022, the DSE data show.
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